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Outlook Remains Bearish

  • RES 4: 132.56 High Nov 4
  • RES 3: 131.59 High Nov 5
  • RES 2: 130.55 50-day EMA
  • RES 1: 129.99/130.12 High Nov 19 / High Nov 16
  • PRICE: 129.42 @ 06:36 GMT Nov 25
  • SUP 1: 127.98/93 Low Nov 19 / Low Sep 22 and a key support
  • SUP 2: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 3: 127.04 Low Feb 15
  • SUP 4: 126.65 Low Feb 10

EURJPY is consolidating and remains above last week's 127.98 low. The short-term outlook is bearish. Recent weakness has resulted in a probe of 128.33, Oct 6 low. A clear break would leave 127.93 exposed, Sep 22 low and a key support. A break would confirm an important technical breach and open 127.28, a Fibonacci projection level. 129.99, the Nov 19 high marks initial resistance. A break is needed to ease bearish pressure.

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