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Sharp Friday Rally Puts Markets Back to Flat

EURJPY TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • 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 High Jan 11 and key resistance
  • RES 1: 142.35 High Feb 3
  • PRICE: 141.98 @ 16:26 GMT Feb 3
  • SUP 1: 139.06/137.92 Low Jan 20 / 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

The Friday rally has put the cross back to broadly flat on the week, erasing the bearish signals evident in the lower Thursday close. This plays into the recent bull flag formation and raises the possibility of a near-term test at key resistance of 142.86, the Jan 11 high. More broadly, however, the trend remains up. Clearance of this level highlights further a stronger bullish reversal.

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  • 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 High Jan 11 and key resistance
  • RES 1: 142.35 High Feb 3
  • PRICE: 141.98 @ 16:26 GMT Feb 3
  • SUP 1: 139.06/137.92 Low Jan 20 / 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

The Friday rally has put the cross back to broadly flat on the week, erasing the bearish signals evident in the lower Thursday close. This plays into the recent bull flag formation and raises the possibility of a near-term test at key resistance of 142.86, the Jan 11 high. More broadly, however, the trend remains up. Clearance of this level highlights further a stronger bullish reversal.