MNI China Daily Summary: Thursday, December 12

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Monitoring Resistance At The 50-Day EMA

EURJPY TECHS
  • RES 4: 146.73 High Dec 15 and a key resistance
  • RES 3: 145.83 High Dec 20
  • RES 2: 143.42 50-day EMA
  • RES 1: 142.94 High Dec 28
  • PRICE: 141.98@ 07:02 GMT Dec 29
  • SUP 1: 141.14 Low Dec 27
  • SUP 2: 139.96 Low Dec 22
  • SUP 3: 138.81 Low Dec 20 and the bear trigger
  • SUP 4: 138.06 Low Sep 28

EURJPY traded higher Wednesday and this confirms an extension of the bounce from 138.81, the Dec 20 low. The recovery is considered corrective and the cross is approaching a key resistance at 143.42, the 50-day EMA. A clear break of this EMA would signal scope for a stronger recovery and highlight potential for a climb above the 144.00 handle. On the downside, a reversal lower would refocus attention on the 138.81 bear trigger.

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