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EURJPY TECHS: EURJPY TECHS: Pierces Support 

EURJPY TECHS
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 165.43 High Nov 8 
  • RES 3: 164.90 High Dec 30 and a key short-term resistance  
  • RES 2: 164.55 High Jan 7
  • RES 1: 162.08/89 50-day EMA / High Jan 15 
  • PRICE: 161.10 @ 7:06 GMT Jan 20 
  • SUP 1: 159.73 Low Jan 17     
  • SUP 2: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle   
  • SUP 3: 158.67 Low Dec 11
  • SUP 4: 158.24 76.4% retracement of the Dec 3 - 30 bull cycle

EURJPY traded lower last Thursday marking an extension of the current bear cycle. The cross has pierced support at 160.04, the Jan 13 low. A clear break of this level would strengthen a bearish threat and signal scope for a deeper retracement. The next price point to watch is 159.51, a Fibonacci retracement. The cross has recovered from its recent lows, a move above 162.89, the Jan 15 high, would reinstate the recent bullish theme.

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  • RES 4: 165.43 High Nov 8 
  • RES 3: 164.90 High Dec 30 and a key short-term resistance  
  • RES 2: 164.55 High Jan 7
  • RES 1: 162.08/89 50-day EMA / High Jan 15 
  • PRICE: 161.10 @ 7:06 GMT Jan 20 
  • SUP 1: 159.73 Low Jan 17     
  • SUP 2: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle   
  • SUP 3: 158.67 Low Dec 11
  • SUP 4: 158.24 76.4% retracement of the Dec 3 - 30 bull cycle

EURJPY traded lower last Thursday marking an extension of the current bear cycle. The cross has pierced support at 160.04, the Jan 13 low. A clear break of this level would strengthen a bearish threat and signal scope for a deeper retracement. The next price point to watch is 159.51, a Fibonacci retracement. The cross has recovered from its recent lows, a move above 162.89, the Jan 15 high, would reinstate the recent bullish theme.