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Eyeing Key Resistance

EURJPY TECHS
  • RES 4: 128.39 High Dec 20. 2018
  • RES 3: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 2: 127.49/50 High Jan 7 / High Mar 1, 2019
  • RES 1: 127.16/24 High Feb 11 / High Jan 29
  • PRICE: 127.13 @ 06:33 GMT Feb 12
  • SUP 1: 126.07 50-day EMA
  • SUP 2: 125.60 Low Jan 27
  • SUP 3: 125.09 Low Jan 18 and the key support
  • SUP 4: 125.06 100-DMA

The EURJPY outlook is unchanged and remains bullish with attention on key resistance at 127.49, Jan 7 high. A break of this hurdle would confirm a resumption of the broader uptrend that has been in place since early May 2020. This would open 127.88 initially, a Fibonacci projection. On the downside, initial support is at 126.11, the 50-day EMA. A clear break of this average is required to risk a deeper short-term pullback.

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