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Trend Needle Points South

EURJPY TECHS
  • RES 4: 161.78 High Dec 1
  • RES 3: 159.93 High Dec 4
  • RES 2: 158.67 High Dec 12 and key short-term resistance
  • RES 1: 158.49 50-day EMA
  • PRICE: 156.63 @ 15:23 GMT Dec 29
  • SUP 1: 155.39/153.23 Low Dec 19 / 7 and the bear trigger
  • SUP 2: 152.24 3.764 proj of the Nov 16 - 21 - 27 price swing
  • SUP 3: 151.42 Low Jul 28 and a key support
  • SUP 4: 150.92 Low Jun 14

A bearish theme in EURJPY remains intact. The cross is trading below key short-term resistance at 158.67, the Dec 12 high. Clearance of this level would signal a short-term reversal. While 158.67 remains intact, recent gains appear to be a correction. A continuation lower and a break of 153.23, the Dec 7 low and bear trigger, would resume the downtrend. This would open 152.24, a Fibonacci projection.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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