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Trend Outlook Remains Bullish

EURJPY TECHS
  • RES 4: 167.45 1.382 proj of the Jan 2 - 19 - Feb 1 price swing
  • RES 3: 166.46 1.236 proj of the Jan 2 - 19 - Feb 1 price swing
  • RES 2: 166.00 Round number resistance
  • RES 1: 165.35/67 High Mar 20 / 2.0% 10-dma envelope
  • PRICE: 163.66 @ 15:38 GMT Mar 22
  • SUP 1: 162.60 20-day EMA
  • SUP 2: 161.39 Trendline drawn from Dec 7 low
  • SUP 3: 160.22 Low Mar 11
  • SUP 4: 159.47 Low Feb 8

The EURJPY uptrend remains intact following this week’s move higher and the latest pullback is considered corrective. The cross has traded through 164.30, the Nov 16 ‘23 high and the medium-term bull trigger. This confirms a resumption of the long-term uptrend. The break higher opens 165.67, the top of a MA envelope, and the 166.00 handle further out. Initial firm support lies at 162.60, the 20-day EMA.

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

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