October 21, 2024 06:02 GMT
EURJPY TECHS: Monitoring Resistance
EURJPY TECHS
- RES 4: 166.53 High Jul 31
- RES 3: 165.00 Round number resistance
- RES 2: 163.89 High Aug 15 and a reversal trigger
- RES 1: 163.61 High Oct 10
- PRICE: 162.19 @ 06:58 BST Oct 21
- SUP 1: 161.87 20-day EMA
- SUP 2: 158.11/155.15 Low Sep 30 / Low Sep 16
- SUP 3: 154.42 Low Aug 5 and the bear trigger
- SUP 4: 153.87 Low Dec 14 ‘23
EURJPY is unchanged and remains closer to its latest highs. A medium-term bearish trend condition is intact and a reversal lower would open 158.11, the Sep 30 low, and the first important support. Note that the cross continues to trade close to two key resistance points - 163.49, the Sep 27 high (pierced) and 163.89, the Aug 15 high. Clearance of both levels would highlight a potential reversal.
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