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EURJPY TECHS: Trend Structure Remains Bullish

EURJPY TECHS
Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 169.20 High Jul 24     
  • RES 3: 168.01 High Jul 26 
  • RES 2: 167.40 61.8% retracement of the Nov 11 - Aug 5 bear leg 
  • RES 1: 165.43/166.69 High Nov 8 / High Oct 31 and the bull trigger  
  • PRICE: 163.04 @ 16:42 GMT Nov 15
  • SUP 1: 162.95 Low Nov 15
  • SUP 2: 161.85/161.01 Low Oct 17 / Low Oct 4
  • SUP 3: 158.11 Low Sep 30 
  • SUP 4: 157.05/155.15 Low Sep 18 / 16

EURJPY remains in consolidation mode. A bullish theme is intact and the latest pullback appears corrective. The 50-day EMA lies at 163.48 and has been pierced. A clear break of it would signal scope for a deeper retracement towards 161.85, the Oct 17 low. Moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Recent gains suggest scope for a climb towards 167.40, a Fibonacci retracement point.  

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  • RES 4: 169.20 High Jul 24     
  • RES 3: 168.01 High Jul 26 
  • RES 2: 167.40 61.8% retracement of the Nov 11 - Aug 5 bear leg 
  • RES 1: 165.43/166.69 High Nov 8 / High Oct 31 and the bull trigger  
  • PRICE: 163.04 @ 16:42 GMT Nov 15
  • SUP 1: 162.95 Low Nov 15
  • SUP 2: 161.85/161.01 Low Oct 17 / Low Oct 4
  • SUP 3: 158.11 Low Sep 30 
  • SUP 4: 157.05/155.15 Low Sep 18 / 16

EURJPY remains in consolidation mode. A bullish theme is intact and the latest pullback appears corrective. The 50-day EMA lies at 163.48 and has been pierced. A clear break of it would signal scope for a deeper retracement towards 161.85, the Oct 17 low. Moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Recent gains suggest scope for a climb towards 167.40, a Fibonacci retracement point.