EURJPY TECHS: Pivot Support Lies At The 50-Day EMA
- 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: 161.63 @ 07:07 GMT Mar 20
- SUP 1: 161.43 Intraday low
- SUP 2: 160.17 50-day EMA
- SUP 3: 158.90 Low Mar 10
- SUP 4: 158.00 Round number support
EURJPY has pulled back from Tuesday’s high. For now, the move down appears corrective and this is allowing a recent overbought trend condition to unwind. Short-term pivot support to watch is 160.17, the 50-day EMA. A break of this level would signal potential for a deeper retracement. Recent gains resulted in a print above resistance at 164.08, the Jan 24 high. A clear break of this level would open 164.90, the Dec 30 ‘24 high.
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UK DATA: First glance a mixed data set, tilting towards better than expected
- Private regular AWE a touch lower than expected, whole economy regular AWE broadly in line, whole economy inc bonus marginally higher than exp.
- PAYE payrolls revised significantly (again). +20.7k in Jan and -13.9k in Dec (rather than -47k in Dec)
- LFS unemployment rate at 4.4% (rounded). BOE looked for 4.45%, consensus 4.5% (rounded).
- More to follow.
AUDUSD TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 0.6471 High Dec 9 ‘24
- RES 3: 0.6429 High Dec 12 ‘24
- RES 2: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
- RES 1: 0.6384 High Dec 13
- PRICE: 0.6360 @ 07:03 GMT Feb 18
- SUP 1: 0.6305/6231 50-day EMA / Low Feb 10
- SUP 3: 0.6171/6088 Low Feb 4 / 3
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.6000 Round number support
AUDUSD is trading at its recent highs and a bull theme remains intact. The pair has cleared 0.6331, the Jan 24 high and a key short-term resistance. The breach highlights a stronger reversal and paves the way for gains towards 0.6414, a Fibonacci retracement. Note that moving average studies remain in a bear-mode position. This suggests the latest recovery is a correction. Initial firm support to watch is 0.6231, the Feb 10 low.
MNI: UK JAN CLAIMANT CHG +22000
- MNI: UK JAN CLAIMANT CHG +22000
- UK JAN CLAIMANT RATE +4.6%
- UK DEC AVE WEEKLY EARNINGS +6% YY
- UK DEC AVE WEEKLY EARNINGS EX-BONUS +5.9% YY
