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Holding On To Its Most Recent Gains

  • RES 4: 160.36 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.00 Psychological handle
  • RES 2: 159.76 High Aug 30 and the bull trigger
  • RES 1: 159.34 High Oct 23
  • PRICE: 159.31 @ 16:08 BST Oct 23
  • SUP 1: 157.85 20-day EMA
  • SUP 2: 156.98 Low Oct 16
  • SUP 3: 155.83 Low Oct 4
  • SUP 4: 154.46 Oct 3 and the bear trigger

EURJPY is holding on to its most recent gains and traded higher Monday. Resistance at 158.65, the Sep 13 high, has been breached. The break highlights a range breakout and exposes key resistance and the bull trigger at 159.76, the Aug 30 high. On the downside, key support is unchanged at 154.46, the Oct 3 low. Clearance of this level would instead strengthen a bearish case and open 153.39, a Fibonacci retracement.

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