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China Economy to Rebound in H2: Ex-PBOC Off'l

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  • RES 4: 133.17 3% Upper Bollinger Band
  • RES 3: 132.56 High Nov 4
  • RES 2: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 1: 131.60 High Jan 5 and the bull trigger
  • PRICE: 130.12 @ 17:20 GMT Jan 14
  • SUP 1: 129.94 50-day EMA
  • SUP 2: 129.78 Low Jan 14
  • SUP 3: 129.20 Low Dec 27
  • SUP 4: 128.57 Low Dec 22

A bullish EURJPY theme remains in place although for now, the cross appears to be consolidating. The recent break of 131.15, 61.8% of the Oct - Dec bear leg reinforced bullish conditions. The moving average set-up has also recently shifted to bull mode. Attention is on 132.04, a Fibonacci retracement. Firm support has been defined at 130.16, Jan 10 low. The 50-day EMA support has been tested, but holds for now at 129.94.