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Northbound

GBPUSD TECHS
  • RES 4: 127.50 High Mar 1, 2019
  • RES 3: 127.08 High Sep 1 and key resistance
  • RES 2: 126.62 Bull channel top drawn off the Oct 30 low
  • RES 1: 126.46 High Sep 10
  • PRICE: 126.16 @ 11:18 GMT Dec 2
  • SUP 1: 125.13 High Nov 9
  • SUP 2: 124.41 Low Dec 1
  • SUP 3: 123.85 50-day EMA
  • SUP 4: 123.63 Bull channel base drawn off the Oct 30 low

EURJPY rallied sharply higher Tuesday and maintains a bullish posture. The cross yesterday traded through the bull trigger at 125.13 and has also cleared 125.79, 76.4% of the downleg between Sep 1 and Oct 30. This reinforces bullish conditions and opens resistance at 126.46, Sep 10 high and the next key resistance at 127.08, Sep 1 high. On the downside, initial support is seen at 125.13, Nov 9 high and a recent breakout level.

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