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EURJPY TECHS: Support Remains Exposed

EURJPY TECHS
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 165.43 High Nov 8 
  • RES 3: 164.90 High Dec 30 and a key short-term resistance  
  • RES 2: 164.55 High Jan 7
  • RES 1: 162.70/164.08 High Jan 28 / 24
  • PRICE: 161.13 @ 16:51 GMT Jan 31 
  • SUP 1: 159.73 Low Jan 17 and key short-term support     
  • SUP 2: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle   
  • SUP 3: 158.67 Low Dec 11
  • SUP 4: 158.24 76.4% retracement of the Dec 3 - 30 bull cycle

EURJPY rallied into the Friday close, but traded lower across the week, extending the pullback from the Jan 24 high. The move down undermines a recent bull theme and signals scope for an extension lower. The cross is trading below the 50-day EMA, at 162.10. The key short-term support to watch lies at 159.73, the Jan 17 low. A break of this level would strengthen a bearish threat. For bulls, a reversal higher would refocus attention on 164.08, the Jan 24 high.           

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  • RES 4: 165.43 High Nov 8 
  • RES 3: 164.90 High Dec 30 and a key short-term resistance  
  • RES 2: 164.55 High Jan 7
  • RES 1: 162.70/164.08 High Jan 28 / 24
  • PRICE: 161.13 @ 16:51 GMT Jan 31 
  • SUP 1: 159.73 Low Jan 17 and key short-term support     
  • SUP 2: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle   
  • SUP 3: 158.67 Low Dec 11
  • SUP 4: 158.24 76.4% retracement of the Dec 3 - 30 bull cycle

EURJPY rallied into the Friday close, but traded lower across the week, extending the pullback from the Jan 24 high. The move down undermines a recent bull theme and signals scope for an extension lower. The cross is trading below the 50-day EMA, at 162.10. The key short-term support to watch lies at 159.73, the Jan 17 low. A break of this level would strengthen a bearish threat. For bulls, a reversal higher would refocus attention on 164.08, the Jan 24 high.