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Eyeing Key Resistance

EURJPY TECHS
  • RES 4: 127.88 0.618 proj of May 6 - Jun 5 rally from Oct 30 low
  • RES 3: 127.50 High Mar 1, 2019
  • RES 2: 127.08 High Sep 1 and key resistance
  • RES 1: 126.79 Bull channel top drawn off the Oct 30 low
  • PRICE: 126.55 @ 11:13 GMT Dec 4
  • SUP 1: 125.78 Low Dec 2
  • SUP 2: 125.13 High Nov 9
  • SUP 3: 124.41 Low Dec 1
  • SUP 4: 124.03 50-day EMA

EURJPY has rallied sharply higher this week and maintains a bullish posture. The cross traded through the bull trigger at 125.13 on Tuesday and has also cleared 125.79, 76.4% of the downleg between Sep 1 and Oct 30. This reinforces bullish conditions and opens resistance at 127.08, Sep 1 high. A break of 127.08 would confirm a resumption of the broader uptrend that started in May. Initial support is seen at 125.78, the Wednesday low.

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