Free Trial

Finds Support Below The 50-Day EMA

EURJPY TECHS
  • RES 4: 133.17 3% Upper Bollinger Band
  • RES 3: 132.56 High Nov 4
  • RES 2: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 1: 131.60 High Jan 5 and the bull trigger
  • PRICE: 130.68 @ 16:32 GMT Jan 17
  • SUP 1: 129.78 Low Jan 14 and key short-term support
  • SUP 2: 129.20 Low Dec 27
  • SUP 3: 128.57 Low Dec 22
  • SUP 4: 128.05 Low Dec 21

A bullish EURJPY theme remains in place and Friday’s recovery from just below the 50-day EMA is a positive development. Friday’s low of 129.78 is seen as a key short-term support that potentially marks the end of the recent corrective pullback. A broader bullish theme is highlighted by the moving average set-up that continues to point north. Attention is on 132.04, a Fibonacci retracement. The bull trigger is 131.60, Jan 5 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.