Free Trial

Resistance Remains Exposed

EURJPY TECHS
  • RES 4: 161.69 76.4% retracement of the Nov 16 - Dec 7 bear leg
  • RES 3: 160.07 61.8% retracement of the Nov 16 - Dec 7 bear leg
  • RES 2: 159.34 50 DMA
  • RES 1: 159.00 High Jan 05
  • PRICE: 157.64 @ 06:28 GMT Jan 09
  • SUP 1: 157.23 Intraday low
  • SUP 2: 155.08/153.23 Low Jan 02 / Dec 07 and bear trigger
  • SUP 3: 152.24 3.764 proj of the Nov 16 - 21 - 27 price swing
  • SUP 4: 151.42 Low Jul 28 and a key support

EURJPY last week pierced resistance at the 50-day EMA of 158.19 as well as the Dec 19 high of 158.57. The cross has since pulled back, however, a clear break of these two levels would strengthen a bullish theme and signal scope for a continuation higher. This would open 159.34, the 50-dma and 160.07, a Fibonacci retracement. On the downside, a stronger reversal would instead expose support at 155.08, the Jan 2 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.