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Holding On To Its Recent Gains

EURJPY TECHS
  • RES 4: 144.00 Round number resistance
  • RES 3: 143.16 61.8% retracement of the Dec 15 - Jan 3 bear leg
  • RES 2: 142.86/94 High Jan 11 / High Dec 28 and key resistance
  • RES 1: 142.30 High Jan 25
  • PRICE: 141.07 @ 16:44 GMT Jan 27
  • SUP 1: 140.47/137.92 Low Jan 23 / Low Jan 19
  • SUP 2: 137.39 Low Jan 3 and the bear trigger
  • SUP 3: 137.03 Low Aug 29
  • SUP 4: 136.02 Low Aug 25

EURJPY is consolidating and remains inside a tight range. The cross is holding on to its recent gains following the bounce from 137.92, the Jan 19 low. The 50-day EMA, at 141.77, has been pierced. A clear break of this average would expose key resistance at 142.86, the Jan 11 high. The broader trend direction is down. A reversal lower would refocus attention on the bear trigger at 137.39, Jan 3 low. A break resumes the downtrend.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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