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EURJPY TECHS: Outlook Remains Bearish

EURJPY TECHS
Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegion
  • RES 4: 167.44 50-day EMA
  • RES 3: 164.75 20-day EMA    
  • RES 2: 162.89 High Aug 1       
  • RES 1: 161.59 High Aug 2
  • PRICE: 160.03 @ 16:31 BST Aug 9
  • SUP 1: 157.30 / 154.42 Low Aug 6 / 5 
  • SUP 2: 153.87 Low Dec 14 ‘23 
  • SUP 3: 153.23  Low Dec 7 ‘23 and a key support 
  • SUP 4: 151.42 Low Jul 28 ‘23

EURJPY traded sharply lower Monday marking an extension of the current impulsive bear cycle, before recovering from the session low. The move down opens the next key support at 153.23, the Dec 7 ‘23 low. A break of this price point would strengthen a bearish theme. Note that the cross remains in an extreme oversold position. A stronger recovery would allow this to unwind. Initial resistance is seen at 161.59, the Aug 2 high.  
 

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  • RES 4: 167.44 50-day EMA
  • RES 3: 164.75 20-day EMA    
  • RES 2: 162.89 High Aug 1       
  • RES 1: 161.59 High Aug 2
  • PRICE: 160.03 @ 16:31 BST Aug 9
  • SUP 1: 157.30 / 154.42 Low Aug 6 / 5 
  • SUP 2: 153.87 Low Dec 14 ‘23 
  • SUP 3: 153.23  Low Dec 7 ‘23 and a key support 
  • SUP 4: 151.42 Low Jul 28 ‘23

EURJPY traded sharply lower Monday marking an extension of the current impulsive bear cycle, before recovering from the session low. The move down opens the next key support at 153.23, the Dec 7 ‘23 low. A break of this price point would strengthen a bearish theme. Note that the cross remains in an extreme oversold position. A stronger recovery would allow this to unwind. Initial resistance is seen at 161.59, the Aug 2 high.