EURJPY TECHS: Impulsive Rally Extends
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 164.19 High Mar 18
- PRICE: 163.18 @ 16:23 GMT Mar 19
- SUP 1: 161.50 Low Mar 17
- SUP 2: 160.09 50-day EMA
- SUP 3: 158.90 Low Mar 10
- SUP 4: 158.00 Round number support
A bull cycle in EURJPY remains in play and the latest impulsive rally reinforces current conditions. The contract traded to a fresh cycle high on Tuesday and pierced resistance at 164.08, the Jan 24 high. This strengthens the bullish condition and a continuation higher would open 164.90, the Dec 30 ‘24 high. The bull cycle is overbought, a pullback would allow this condition to unwind. Firm support lies at 160.09, the 50-day EMA.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURJPY TECHS: Resistance Remains Intact
- RES 4: 164.08 High Jan 24
- RES 3: 162.71 76.4% retracement of the Dec 30 - Feb 10 bear leg
- RES 2: 162.49 High Jan 29
- RES 1: 160.97/161.19 50-day EMA / High Feb 13
- PRICE: 158.65 @ 16:15 GMT Feb 17
- SUP 1: 157.90/155.61 Low Feb 12 / 10 and the bear trigger
- SUP 2: 155.15 Low Sep 16 ‘24
- SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
- SUP 4: 153.87 Low Dec 14 ‘23
Recent gains in EURJPY have allowed an oversold trend condition to unwind. For now, resistance at 160.97, the 50-day EMA, remains intact. It has been pierced, but a clear break is required to strengthen bullish conditions and signal scope for an extension towards 162.71, a Fibonacci retracement. For bears, the cross has pulled back from its recent highs. A stronger reversal would refocus attention on 155.61, the Feb 10 low and bear trigger.
US: President Trump Emphasises Desire for Reciprocity on Trade
- In a long post on reciprocal tariffs (via x.com) President Trump has said the following:
- "On Trade, I have decided, for purposes of Fairness, that I will charge a RECIPROCAL Tariff meaning, whatever Countries charge the United States of America, we will charge them - No more, no less!"
- "I have instructed my Secretary of State, Secretary of Commerce, Secretary of the Treasury, and United States Trade Representative (USTR) to do all work necessary to deliver RECIPROCITY to our System of Trade!"
- Full link here: https://x.com/realDonaldTrump/status/1891572283161944433
USDJPY TECHS: Bear Threat Remains Present
- RES 4: 158.87 High Jan 10 and a bull trigger
- RES 3: 156.75 High Jan 23
- RES 2: 155.89 High Feb 3
- RES 1: 154.36/80 50-day EMA and a pivot resistance / High Feb 12
- PRICE: 151.40 @ 16:15 GMT Feb 17
- SUP 1: 150.93 Low Feb 07 and a bear trigger
- SUP 2: 149.69 Low Dec 9
- SUP 3: 148.65 Low Dec 3 ‘24 and a key support
- SUP 4: 148.01 Low Oct 9 ‘24
USDJPY has pulled back from last week’s high. The latest move down highlights that - for now - resistance around the 50-day EMA, remains intact. The average is at 154.36. A clear break of the 50-day average is required to highlight a stronger bullish reversal. This would open 155.89, the Feb 3 high. Key support and the bear trigger is unchanged at 150.93, the Feb 7 low. Clearance of this level would resume the bear cycle that started on Jan 10.
