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EURJPY TECHS: Has Cleared All Key Retracement Points

EURJPY TECHS
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 166.69 High Oct 31 
  • RES 3: 166.18 2.0% 10-dma envelope  
  • RES 2: 166.10 High Nov 6
  • RES 1: 165.04 High Nov 15 and a key short-term resistance
  • PRICE: 164.66 @ 08:02 GMT Dec 30
  • SUP 1: 163.32 Low Dec 26   
  • SUP 2: 162.22/159.82 20-day EMA / Low Dec 18
  • SUP 3: 158.67 Low Dec 11
  • SUP 4: 157.87 Low Dec 09

A bullish condition in EURJPY remains intact and the cross is holding on to its recent gains. Price has breached all the relevant Fibonacci retracement points of the bear leg between Oct 31 - Dec 3. Sights are on 165.04, the Nov 15 high. Clearance of this hurdle would open 166.69, the Oct 31 high and the next major resistance. Initial firm support lies at 162.22, the 20-day EMA. A  pullback would be considered corrective.

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  • RES 4: 166.69 High Oct 31 
  • RES 3: 166.18 2.0% 10-dma envelope  
  • RES 2: 166.10 High Nov 6
  • RES 1: 165.04 High Nov 15 and a key short-term resistance
  • PRICE: 164.66 @ 08:02 GMT Dec 30
  • SUP 1: 163.32 Low Dec 26   
  • SUP 2: 162.22/159.82 20-day EMA / Low Dec 18
  • SUP 3: 158.67 Low Dec 11
  • SUP 4: 157.87 Low Dec 09

A bullish condition in EURJPY remains intact and the cross is holding on to its recent gains. Price has breached all the relevant Fibonacci retracement points of the bear leg between Oct 31 - Dec 3. Sights are on 165.04, the Nov 15 high. Clearance of this hurdle would open 166.69, the Oct 31 high and the next major resistance. Initial firm support lies at 162.22, the 20-day EMA. A  pullback would be considered corrective.