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EURJPY TECHS: Trend Needle Points South

EURJPY TECHS
  • RES 4: 167.53 Low Jun 14  
  • RES 3: 164.06 50-day EMA   
  • RES 2: 164.01 200 DMA      
  • RES 1: 161.59/162.89 20-day EMA / High Sep 2
  • PRICE: 158.52 @ 07:05 BST Sep 6
  • SUP 1: 158.03 61.8% retracement of the Aug 5 - 15 bull leg 
  • SUP 2: 156.65 76.4% retracement of the Aug 5 - 15 bull leg 
  • SUP 3: 154.42 Low Aug 5 and the bear trigger
  • SUP 4: 153.87 Low Dec 14 ‘23

The trend outlook in EURJPY remains bearish and this week’s sell-off reinforces this theme. Moving average studies are in a bear-mode set-up and this continues to highlight a dominant downtrend. Sights are on 156.65, a Fibonacci retracement. Clearance of this level would open the key support and bear trigger at 154.42, the Aug 5 low. Initial firm resistance has been defined at 162.89, the Sep 2 high.

Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegionMarkets

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