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Key Support Remains Intact

EURJPY TECHS
  • RES 4: 163.72 High Nov 27
  • RES 3: 162.25 High Nov 29
  • RES 2: 161.86 High Jan 19 and the bull trigger
  • RES 1: 160.97 High Jan 25
  • PRICE: 161.08 @ 16:01 GMT Feb 9
  • SUP 1: 158.92/08 Low Feb 7 / 1 and a key near-term support
  • SUP 2: 157.21 Low Jan 9
  • SUP 3: 156.08 Low Jan 4
  • SUP 4: 155.08 Low Jan 2

EURJPY traded sharply higher Thursday. Key short-term support has been defined at 158.08, the Feb 1 low. A clear break of this level is required to resume bearish pressure and open 157.21, the Jan 9 low. This would highlight an extension of a corrective cycle. For bulls, a stronger reversal would refocus attention on 161.86, the Jan 19 high and bull trigger. Clearance of this level would reinstate the recent bullish theme.

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