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EURJPY TECHS: Monitoring Key Resistance

EURJPY TECHS
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 164.08 High Jan 24  
  • RES 3: 162.71 76.4% retracement of the Dec 30 - Feb 10 bear leg     
  • RES 2: 162.49 High Jan 29
  • RES 1: 161.01/19 50-day EMA / High Feb 13
  • PRICE: 159.82 @ 07:59 GMT Feb 14
  • SUP 1: 157.90/155.61 Low Feb 12 / 10 and the bear trigger 
  • SUP 2: 155.15 Low Sep 16 ‘24
  • SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
  • SUP 4: 153.87 Low Dec 14 ‘23  

EURJPY has traded higher this week and the recovery has allowed an oversold trend condition to unwind. For now, resistance at 161.01, the 50-day EMA, remains intact. It has been pierced on the latest rally, but a clear break is required to strengthen bullish conditions and signal scope for an extension towards 162.71, a Fibonacci retracement. For bears, reversal lower would refocus attention on 155.61, the Feb 10 low and bear trigger.

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  • RES 4: 164.08 High Jan 24  
  • RES 3: 162.71 76.4% retracement of the Dec 30 - Feb 10 bear leg     
  • RES 2: 162.49 High Jan 29
  • RES 1: 161.01/19 50-day EMA / High Feb 13
  • PRICE: 159.82 @ 07:59 GMT Feb 14
  • SUP 1: 157.90/155.61 Low Feb 12 / 10 and the bear trigger 
  • SUP 2: 155.15 Low Sep 16 ‘24
  • SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
  • SUP 4: 153.87 Low Dec 14 ‘23  

EURJPY has traded higher this week and the recovery has allowed an oversold trend condition to unwind. For now, resistance at 161.01, the 50-day EMA, remains intact. It has been pierced on the latest rally, but a clear break is required to strengthen bullish conditions and signal scope for an extension towards 162.71, a Fibonacci retracement. For bears, reversal lower would refocus attention on 155.61, the Feb 10 low and bear trigger.