Free Trial

Key Resistance Remains Exposed

EURJPY TECHS
  • RES 4: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 3: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 2: 127.50 High Mar 1, 2019
  • RES 1: 127.08/23 High Dec 18 / High Dec 29
  • PRICE: 126.31 @ 20:17 GMT Jan 4
  • SUP 1: 126.08 Low Dec 31
  • SUP 2: 125.73/71 Channel base drawn off Oct 30 low / Low Dec 16
  • SUP 3: 125.36 50-day EMA
  • SUP 4: 125.13 High Nov 9 and recent breakout level

EURJPY traded to a high of 127.23 last week before pulling back into the recent range. A bullish outlook remains intact though. A clear break of the 127.00 handle and of 127.08, Sep 1 high would confirm a resumption of the broader uptrend that started early May. This would pave the way for a climb towards 127.50, Mar 1, 2019 high. Key near-term support has been defined at 125.71, Dec 16 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.