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EURJPY: Pierces Key Support

EURJPY
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 162.70 High Jan 28 
  • RES 3: 161.40 50-day EMA   
  • RES 2: 160.50 20-day EMA
  • RES 1: 157.97/158.86 Low Feb 3 / High Feb 6
  • PRICE: 157.62 @ 16:14 GMT Feb 11  
  • SUP 1: 155.61 Low Feb 10 
  • SUP 2: 155.19/15 3.0% 10-dma envelope / 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  

Prices are off lows, but a bear cycle in EURJPY remains present and last week’s move down reinforces current conditions. The cross cleared 158.24, 76.4% of the Dec 3 - 30 bull cycle, and pierced 156.18, the Dec 3 low and key support. A continuation lower would open 155.15, the Sep 16 ‘24 low. Initial firm resistance to watch, and a pivot level, is 161.40, the 50-day EMA. The short-term trend is oversold, gains would allow this condition to unwind. 

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  • RES 4: 162.70 High Jan 28 
  • RES 3: 161.40 50-day EMA   
  • RES 2: 160.50 20-day EMA
  • RES 1: 157.97/158.86 Low Feb 3 / High Feb 6
  • PRICE: 157.62 @ 16:14 GMT Feb 11  
  • SUP 1: 155.61 Low Feb 10 
  • SUP 2: 155.19/15 3.0% 10-dma envelope / 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  

Prices are off lows, but a bear cycle in EURJPY remains present and last week’s move down reinforces current conditions. The cross cleared 158.24, 76.4% of the Dec 3 - 30 bull cycle, and pierced 156.18, the Dec 3 low and key support. A continuation lower would open 155.15, the Sep 16 ‘24 low. Initial firm resistance to watch, and a pivot level, is 161.40, the 50-day EMA. The short-term trend is oversold, gains would allow this condition to unwind.