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EURJPY TECHS: Trend Needle Points South

EURJPY TECHS
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 164.76 High Nov 20 and a key short-term resistance  
  • RES 3: 162.49 High Nov 22  
  • RES 2: 161.89 50-day EMA 
  • RES 1: 160.00/160.57 High Dec 9 / 20-day EMA  
  • PRICE: 159.80 @ 16:21 GMT Dec 9
  • SUP 1: 156.18 Low Dec 03
  • SUP 2: 156.05 Low Sep 17
  • SUP 3: 155.15 Low Sep 16 and a key support 
  • SUP 4: 153.87 Low Dec 8 / 14 2023 

A bear cycle in EURJPY remains in play and the latest recovery appears corrective. Moving average studies are in a bear mode position, highlighting a downtrend. 157.87, the 76.4% retracement of the Sep 16 - Oct 31 bull cycle, has been breached. The clear break of this level strengthens a bearish theme and opens 155.15, the Sep 16 low. Initial firm resistance is 160.57, the 20-day EMA.     

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  • RES 4: 164.76 High Nov 20 and a key short-term resistance  
  • RES 3: 162.49 High Nov 22  
  • RES 2: 161.89 50-day EMA 
  • RES 1: 160.00/160.57 High Dec 9 / 20-day EMA  
  • PRICE: 159.80 @ 16:21 GMT Dec 9
  • SUP 1: 156.18 Low Dec 03
  • SUP 2: 156.05 Low Sep 17
  • SUP 3: 155.15 Low Sep 16 and a key support 
  • SUP 4: 153.87 Low Dec 8 / 14 2023 

A bear cycle in EURJPY remains in play and the latest recovery appears corrective. Moving average studies are in a bear mode position, highlighting a downtrend. 157.87, the 76.4% retracement of the Sep 16 - Oct 31 bull cycle, has been breached. The clear break of this level strengthens a bearish theme and opens 155.15, the Sep 16 low. Initial firm resistance is 160.57, the 20-day EMA.