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Gains Considered Corrective

  • RES 4: 131.59 High Nov 5
  • RES 3: 129.99 High Nov 19
  • RES 2: 129.78 50-day EMA
  • RES 1: 128.79/129.60 High Dec 1 / High Nov 23 and key resistance
  • PRICE: 128.18 @ 06:35 GMT Dec 8
  • SUP 1: 127.39 Low Dec 3 / Dec 6 and the bear trigger
  • SUP 2: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 3: 127.04/126.65 Low Feb 15 / Low Feb 10
  • SUP 4: 125.82 1.236 proj of the Jun1 - Sep 22 - Oct 20 price swing

EURJPY short-term gains are considered corrective and the downtrend remains intact. A bearish theme follows the recent breach of 127.93, Sep 22 low and an important support. The break opens 127.04, Feb 15 low and note that moving average studies still point south suggesting potential for a deeper decline further out. Key short-term resistance is at 129.60, Nov 23 high. A break would signal a reversal.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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