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Watching Resistance

EURJPY TECHS
  • RES 4: 163.72 High Nov 27
  • RES 3: 162.25 High Nov 29
  • RES 2: 161.86 High Jan 19 and the bull trigger
  • RES 1: 161.64 High Feb 15
  • PRICE: 161.61 @ 16:46 GMT Feb 15
  • SUP 1: 160.24 20-day EMA
  • SUP 2: 158.92/08 Low Feb 7 / 1 and a key near-term support
  • SUP 3: 157.21 Low Jan 9
  • SUP 4: 156.08 Low Jan 4

EURJPY is trading lower but continues to hold on to the bulk of its most recent gains. Key short-term support is unchanged at 158.08, Feb 1 low. A clear break of this level would resume recent bearish pressure and open 157.21, the Jan 9 low. For bulls, key resistance to watch is 161.86, the Jan 19 high and bull trigger. Clearance of this level would resume the uptrend that started on Dec 7 and open 162.25, the Nov 29 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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