September 27, 2024 07:35 GMT
EURJPY TECHS: Recovery Pierces 50-Day EMA
EURJPY TECHS
- RES 4: 163.89 High Aug 5 and a reversal trigger
- RES 3: 162.89 High Sep 2 and a key resistance
- RES 2: 161.85 High Sep 26
- RES 1: 161.69 50-day EMA
- PRICE: 159.49 @ 08:34 BST Sep 27
- SUP 1: 157.05/155.15 Low Sep 18 / Low Sep 16
- SUP 2: 154.42 Low Aug 5 and the bear trigger
- SUP 3: 154.00 Round number support
- SUP 4: 153.87 Low Dec 14 ‘23
A bear cycle in EURJPY remains intact and the latest recovery is considered corrective - for now. Moving average studies are in a bear-mode position and this continues to highlight a dominant downtrend. Both the 20- and 50-day EMAs have been breached and this signals scope for a stronger recovery near-term, towards early September highs and an important area of resistance. A reversal lower would refocus attention on the key support at 154.42, the Aug 5 low.
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