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(Z2) Drifts Lower at Beginning of Week


Futures Twist A Little Steeper

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  • RES 4: 132.56 High Nov 4
  • RES 3: 131.59 High Nov 5
  • RES 2: 130.55 50-day EMA
  • RES 1: 129.99/130.12 High Nov 19 / High Nov 16
  • PRICE: 129.28 @ 06:29 GMT Nov 24
  • SUP 1: 127.98/93 Low Nov 19 / Low Sep 22 and a key support
  • SUP 2: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 3: 127.04 Low Feb 15
  • SUP 4: 126.65 Low Feb 10

EURJPY continues to trade above last week's 127.98 low. The short-term outlook remains bearish. Recent weakness resulted in a print below 128.33, Oct 6 low. A clear break would leave key support at 127.93 exposed, the Sep 22 low. Clearance of 127.93 would confirm an important technical break and open 127.28, a Fibonacci projection level. 129.99, the Nov 19 high marks initial resistance. A break is needed to ease bearish pressure.

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