EURJPY TECHS: Monitoring Key Resistance

Feb-14 08:00
  • 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: 161.01/19 50-day EMA / High Feb 13
  • PRICE: 159.82 @ 07:59 GMT Feb 14
  • 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  

EURJPY has traded higher this week and the recovery has allowed an oversold trend condition to unwind. For now, resistance at 161.01, the 50-day EMA, remains intact. It has been pierced on the latest rally, but a clear break is required to strengthen bullish conditions and signal scope for an extension towards 162.71, a Fibonacci retracement. For bears, reversal lower would refocus attention on 155.61, the Feb 10 low and bear trigger.

Historical bullets

MNI: SPAIN DEC HICP 0.4% M/M, 2.8% Y/Y

Jan-15 08:00
  • MNI: SPAIN DEC HICP 0.4% M/M, 2.8% Y/Y

GILTS: Opening calls

Jan-15 07:57

Gilt calls, these DO NOT take into account the UK CPI, and given that Sonia is up 11.5 ticks in the red, Desks will look for further upside risks.

  • Range would have been 89.30/89.47.

SILVER TECHS: Support Remains Exposed

Jan-15 07:56
  • RES 4: $34.903 - High Oct 23 and the bull trigger  
  • RES 3: $33.125 - High Nov 1 
  • RES 2: $32.338 - High Dec 12 and a key resistance  
  • RES 1: $30.661 - High Jan 10                             
  • PRICE: $29.992 @ 07:56 GMT Jan 15  
  • SUP 1: $28.748 - Low Dec 19        
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

A bear cycle in Silver that started Oct 23 remains in play - for now - and recent gains appear corrective. The metal has recently breached support at $29.642, the Nov 28 low. The break lower opens $28.446, a Fibonacci retracement. Note that moving average studies are in a bear-mode position highlighting a dominant downtrend. Key resistance has been defined at $32.338, the Dec 12 high. A break of this level would signal a reversal.