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Fades on ECB Pressure

EURJPY TECHS
  • RES 4: 144.00 Round number resistance
  • RES 3: 143.16 61.8% retracement of the Dec 15 - Jan 3 bear leg
  • RES 2: 142.86/94 High Jan 11 / High Dec 28 and key resistance
  • RES 1: 142.30 High Jan 25
  • PRICE: 140.22 @ 16:57 GMT Feb 2
  • SUP 1: 140.09/137.92 Low Feb 2 / Low Jan 19
  • SUP 2: 137.39 Low Jan 3 and the bear trigger
  • SUP 3: 137.03 Low Aug 29
  • SUP 4: 136.02 Low Aug 25

EURJPY faded into the Thursday close, coming under pressure from the dovish interpretation of the ECB meeting. The price action belies a recent bull flag formation and raises the possibility of a near-term test at the Jan19 low at 137.92. More broadly, however, the trend remains higher. The 50-day EMA, at 141.72, has been pierced. A clear break of this average would strengthen a bullish condition and expose a key resistance at 142.86, the Jan 11 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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