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Fresh Cycle High

EURJPY TECHS
  • RES 4: 163.10 High Aug 22 2008
  • RES 3: 162.80 1.00 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 2: 162.00 Round number resistance
  • RES 1: 161.80 High Nov 9
  • PRICE: 161.71 @ 16:33 GMT Nov 9
  • SUP 1: 159.42/158.40 20- and 50-day EMA values
  • SUP 2: 157.70 Low Oct 30
  • SUP 3: 156.98 Low Oct 16
  • SUP 4: 155.83 Low Oct 4

EURJPY bulls remain in the driver’s seat and the cross traded higher again Thursday. Continued gains reinforce bullish conditions and maintain the positive price sequence of higher highs and higher lows. 162.80, a Fibonacci projection, marks the next objective. On the downside, key short-term support lies at 158.40, the 50-day EMA. A breach of this average is required to highlight a top and the start of a correction.

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