EURJPY TECHS: Monitoring Key Resistance
- 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.
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MNI: SPAIN DEC HICP 0.4% M/M, 2.8% Y/Y
- MNI: SPAIN DEC HICP 0.4% M/M, 2.8% Y/Y
GILTS: Opening calls
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
- 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.
