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Testing The Range Highs

EURJPY TECHS
  • RES 4: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 3: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 2: 127.50 High Mar 1, 2019
  • RES 1: 127.08/24 High Dec 18 / High Jan 6
  • PRICE: 127.12 @ 06:31 GMT Jan 7
  • SUP 1: 126.05 Low Jan 5
  • SUP 2: 125.91/71 Channel base drawn off Oct 30 low / Low Dec 16
  • SUP 3: 125.49 50-day EMA
  • SUP 4: 125.13 High Nov 9 and recent breakout level

EURJPY is testing the top end of its recent range and a bullish outlook remains intact. A clear break of the 127.00 handle and of 127.08, Sep 1 high would end the recent broad consolidative phase and confirm a resumption of the uptrend that started early May. This would pave the way for a climb towards 127.50, Mar 1, 2019 high. Key near-term support has been defined at 125.71, Dec 16 low.

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