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Recent Pullback Considered Corrective

EURJPY TECHS
  • RES 4: 164.30 High Nov 16 and key resistance
  • RES 3: 163.72 High Nov 27
  • RES 2: 162.25 High Nov 29
  • RES 1: 160.97/161.86 High Jan 25 / 19 and the bull trigger
  • PRICE: 159.93 @ 06:57 GMT Jan 31
  • SUP 1: 159.18 50-day EMA
  • SUP 2: 158.55 Low Jan 12 and a key short-term support
  • SUP 3: 157.21 Low Jan 9
  • SUP 4: 156.08 Low Jan 4

The EURJPY trend condition remains bullish and the latest pullback appears to be a correction. The recent breach of resistance at 160.18, the Jan 11 high, confirmed a resumption of the uptrend. Note that 161.69, 76.4% of the Nov 16 - Dec 7 bear leg, has been pierced. A clear break of this retracement point would open 162.25, the Nov 29 high. Initial firm support is at 158.55, the Jan 12 low. Clearance of this level would be a bearish development.

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  • RES 4: 164.30 High Nov 16 and key resistance
  • RES 3: 163.72 High Nov 27
  • RES 2: 162.25 High Nov 29
  • RES 1: 160.97/161.86 High Jan 25 / 19 and the bull trigger
  • PRICE: 159.93 @ 06:57 GMT Jan 31
  • SUP 1: 159.18 50-day EMA
  • SUP 2: 158.55 Low Jan 12 and a key short-term support
  • SUP 3: 157.21 Low Jan 9
  • SUP 4: 156.08 Low Jan 4

The EURJPY trend condition remains bullish and the latest pullback appears to be a correction. The recent breach of resistance at 160.18, the Jan 11 high, confirmed a resumption of the uptrend. Note that 161.69, 76.4% of the Nov 16 - Dec 7 bear leg, has been pierced. A clear break of this retracement point would open 162.25, the Nov 29 high. Initial firm support is at 158.55, the Jan 12 low. Clearance of this level would be a bearish development.