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Pierces The 20-Day EMA

EURJPY TECHS
  • RES 4: 144.00 Round number resistance
  • RES 3: 143.16 61.8% retracement of the Dec 15 - Jan 3 bear leg
  • RES 2: 142.86/94 High Jan 11 / High Dec 28 and key resistance
  • RES 1: 142.06 50.0% retracement of the Dec 15 - Jan 3 downleg
  • PRICE: 141.79 @ 06:50 GMT Jan 23
  • SUP 1: 140.47/137.92 Intraday low / Low Jan 19
  • SUP 2: 137.39 Low Jan 3 and the bear trigger
  • SUP 3: 137.03 Low Aug 29
  • SUP 4: 136.02 Low Aug 25

EURJPY is trading firmer this morning as the cross extends the bounce from last week’s low of 137.92 on Jan 19. The 20-day EMA, at 141.77, has been pierced. A clear break of the EMA would expose key short-term resistance at 142.86, the Jan 11 high. The broader trend direction remains down. A reversal would again refocus attention on the bear trigger at 137.39, the Jan 3 low. Clearance of this level resumes the downtrend.

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