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Resistance Remains Exposed

  • 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: 142.30 High Jan 25
  • PRICE: 141.24 @ 06:47 GMT Jan 26
  • SUP 1: 140.47/137.92 Low Jan 23 / 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 traded softer into Wednesday to give back a small part of some of the recent rally. More broadly, the cross remains firm following the bounce from 137.92, the Jan 19 low. The 50-day EMA, at 141.77, has been pierced and a clear break would expose key resistance at 142.86, Jan 11 high. The broader trend direction is down. A reversal would refocus attention on the bear trigger at 137.39, Jan 3 low. A break would resume the downtrend.

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