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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Strengthens Through Key Resistance

  • RES 4: 131.59 High Nov 5
  • RES 3: 131.15 61.8% retracement of the Oct 20 - Dec 3 downleg.
  • RES 2: 131.14 3.0% Upper Bollinger Band
  • RES 1: 130.68 High Dec 31
  • PRICE: 130.57 @ 15:08 GMT Dec 31
  • SUP 1: 128.74/127.52 20-day EMA / Low Dec 20
  • SUP 2: 127.39 Low Dec 3 / 6 and the bear trigger
  • SUP 3: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 4: 127.04/126.65 Low Feb 15 / Low Feb 10

EURJPY is trading at December highs into the close of the year. Strength followed the initial breach of 129.64 resistance as well as 130.43, a Fibonacci retracement. This opens gains toward 131.14 vol-based resistance and 131.59 above. Key support is at 127.39, the Dec 3 / 6 low. A break would resume the downtrend. Initial support is at 128.74, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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