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Trading Closer To Its Recent Highs

EURJPY TECHS
  • RES 4: 144.00 Round number resistance
  • RES 3: 143.16 61.8% retracement of the Dec 15 - Jan 3 bear leg
  • RES 2: 142.86/94 High Jan 11 / High Dec 28 and key resistance
  • RES 1: 142.30 High Jan 25
  • PRICE: 141.71 @ 16:21 GMT Jan 30
  • SUP 1: 140.47/137.92 Low Jan 23 / Low Jan 19
  • SUP 2: 137.39 Low Jan 3 and the bear trigger
  • SUP 3: 137.03 Low Aug 29
  • SUP 4: 136.02 Low Aug 25

EURJPY is holding on to the bulk of its recent gains following the recovery from 137.92, the Jan 19 low. The 50-day EMA, at 141.74, has been pierced. A clear break of this average would strengthen a bullish condition and expose key resistance at 142.86, the Jan 11 high. For bears, a reversal lower would refocus attention on the bear trigger at 137.39, Jan 3 low. Clearance of this level would resume the downtrend that started in October last year.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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