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Finds Support At The 76.4% Retracement

EURJPY TECHS
  • RES 4: 134.32 3.0% Upper Bollinger Band
  • RES 3: 133.48/96 High Oct 20 and key resistance / 2.0% 10-dma env
  • RES 2: 133.15 High Feb 10 and key resistance
  • RES 1: 130.90/131.91 High Feb 21 / High Feb 16
  • PRICE: 130.25 @ 17:27 GMT Feb 22
  • SUP 1: 129.41/36 76.4% of the Jan 25 - Feb 10 rally / Intraday low
  • SUP 2: 129.19 Low Feb 3
  • SUP 3: 128.25 Low Jan 25 and a key short-term support
  • SUP 4: 127.52 Low Dec 20

EURJPY initially traded lower on Tuesday, before recovering into the close. This raises the importance of support at the 129.41 level, 76.4% of the Jan 25 - Feb 10 rally. An extension lower would leave the 129.00 handle exposed and open 128.25, the Jan 25 low. For bulls, a reversal higher would suggest the corrective pullback is over and a climb would refocus attention on resistance at 131.91, the Feb 16 high and the more important 133.15 hurdle, Feb 10 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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