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Trading At Its Recent Highs

EURJPY TECHS
  • RES 4: 160.66 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.00 Psychological handle
  • RES 2: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 1: 159.34 High Aug 15
  • PRICE: 158.81 @ 07:21 BST Aug 16
  • SUP 1: 157.10/155.54 20-day EMA / Low Aug 3
  • SUP 2: 155.27 50-day EMA
  • SUP 3: 151.42 Low Jul 28 and key support
  • SUP 4: 150.16 38.2% retracement of the Jan 3 - Jul 21 bull cycle

EURJPY continues to trade closer to its recent highs. Last week’s gains strengthened bullish conditions and key resistance at 158.05, the Jul 21 high, has been breached. This confirms a continuation of the medium-term uptrend and opens 159.92, a Fibonacci projection ahead of the 160.00 psychological handle. Moving average studies are in a bull-mode condition, reflecting a rising trend. Initial firm support is 157.10, the 20-day EMA.

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