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Holding Above Support

EURJPY TECHS
  • RES 4: 145.83 High Dec 20
  • RES 3: 144.53 76.4% retracement of the Dec 15 - Jan 3 bear leg
  • RES 2: 144.00 Round number resistance
  • RES 1: 142.99 High Feb 6
  • PRICE: 140.93 @ 16:15 GMT Feb 9
  • SUP 1: 139.94/06 Low Feb 3 and a key support / Low Jan 20
  • SUP 2: 138.49 2.0% 10-dma envelope
  • SUP 3: 137.92 Low Jan 19
  • SUP 4: 137.39 Low Jan 3 and the bear trigger

EURJPY has failed to hold on to its recent highs and remains below 142.99, the Feb 6 high. Price has moved below the 20-day EMA. Firmer support is expected at 139.94, the Feb 3 low. A reversal higher would refocus attention on 142.99, where a break would confirm a continuation of the recovery that started on Jan 3. On the downside, a break of 139.94 would be bearish and expose key support at 137.39, the Jan 3 low.

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