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EURJPY TECHS: Trend Needle Points North

EURJPY TECHS
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 166.10 High Nov 6   
  • RES 3: 165.04 High Nov 15 and a key short-term resistance 
  • RES 2: 164.21 76.4% retracement of the Oct 31 - Dec 3 bear leg  
  • RES 1: 163.80 High Dec 19
  • PRICE: 162.83 @ 16:54 GMT Dec 23
  • SUP 1: 160.83/159.82 20-day EMA / Low Dec 18  
  • SUP 2: 158.67/157.87 Low Dec 11 / 09
  • SUP 3: 156.18 Low Dec 03 and the bear trigger
  • SUP 4: 155.15 Low Sep 16 and a key support

Last Thursday’s strong gains in EURJPY reinforce the current bullish condition. The cross has traded through Tuesday’s 162.48 high, to confirm a resumption of the recovery that started on Dec 3. A continuation higher would signal scope for an extension towards 164.21, the 76.4% retracement of the Oct 31 - Dec 3 bear leg. Key short-term support has been defined at 159.82, the Dec 18 low. A break of this level is required to signal a possible reversal. 

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  • RES 4: 166.10 High Nov 6   
  • RES 3: 165.04 High Nov 15 and a key short-term resistance 
  • RES 2: 164.21 76.4% retracement of the Oct 31 - Dec 3 bear leg  
  • RES 1: 163.80 High Dec 19
  • PRICE: 162.83 @ 16:54 GMT Dec 23
  • SUP 1: 160.83/159.82 20-day EMA / Low Dec 18  
  • SUP 2: 158.67/157.87 Low Dec 11 / 09
  • SUP 3: 156.18 Low Dec 03 and the bear trigger
  • SUP 4: 155.15 Low Sep 16 and a key support

Last Thursday’s strong gains in EURJPY reinforce the current bullish condition. The cross has traded through Tuesday’s 162.48 high, to confirm a resumption of the recovery that started on Dec 3. A continuation higher would signal scope for an extension towards 164.21, the 76.4% retracement of the Oct 31 - Dec 3 bear leg. Key short-term support has been defined at 159.82, the Dec 18 low. A break of this level is required to signal a possible reversal.