January 26, 2023 20:00 GMT
Resistance Remains Exposed
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: 142.30 High Jan 25
- PRICE: 141.74 @ 16:49 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 before trading broadly flat into the Thursday close. 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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