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Pierces Key Resistance

  • RES 4: 145.83 High Dec 20
  • RES 3: 144.53 76.4% retracement of the Dec 15 - Jan 3 bear leg
  • RES 2: 144.00 Round number resistance
  • RES 1: 142.99 High Feb 6
  • PRICE: 142.28 @ 16:56 GMT Feb 6
  • SUP 1: 141.08 20-day EMA
  • SUP 2: 139.94/06 Low Feb 3 and a key support / Low Jan 20
  • SUP 3: 137.39 Low Jan 3 and the bear trigger
  • SUP 4: 137.92 Low Jan 19

EURJPY traded higher Monday and pierced resistance at 142.86, the Jan 11 high and a key resistance. A clear break of this hurdle would strengthen bullish conditions and highlight a stronger reversal plus confirm a recent bull flag on the daily chart. This would open 144.53, a Fibonacci retracement. On the downside, initial firm support has been defined at 139.94, the Feb 3 low. A break would be bearish.

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