EURJPY TECHS: Testing 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: 161.06/19 50-day EMA / High Feb 13
- PRICE: 159.74 @ 16:27 GMT Feb 13
- 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 again Thursday before reversing course into the close. The recovery has allowed an oversold trend condition to unwind. This keeps key near-term resistance at 161.06, the 50-day EMA. It has been pierced on the rally, but a clear break would 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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GBPUSD TECHS: Trend Outlook Remains Bearish
- RES 4: 1.2613 50-day EMA
- RES 3: 1.2607 High Dec 30
- RES 2: 1.2456/2576 20-day EMA / High Jan 7
- RES 1: 1.2367 High Jan 9
- PRICE: 1.2198@ 19:56 GMT Jan 14
- SUP 1: 1.2100 Low Jan 10
- SUP 2: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
- SUP 3: 1.2037 Low Oct 4 ‘23 and a key support
- SUP 4: 1.2000 Psychological round number
The trend condition in GBPUSD remains bearish and the pair is trading closer to its recent lows. Last week’s move down confirmed a resumption of the downtrend and marks an extension of the price sequence of lower lows and lower highs. Note too that moving average studies are in a bear-mode position, highlighting a dominant bear trend. Sights are on 1.2087 next, a Fibonacci projection. Initial firm resistance is at 1.2367, the Jan 9 high.
EURUSD TECHS: Bearish Trend Sequence Remains Intact
- RES 4: 1.0630 High Dec 06
- RES 3: 1.0513 50-day EMA
- RES 2: 1.0437/58 High Jan 6 / High Dec 30
- RES 1: 1.0361 20-day EMA
- PRICE: 1.0300 @ 19:52 GMT Jan 14
- SUP 1: 1.0178 Low Jan 13
- SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 3: 1.0122 2.0% 10-dma envelope
- SUP 4: 1.0031 2.000 proj of the Sep 25 - Oct 23 - Nov 5 price swing
The trend condition in EURUSD remains bearish and recent short-term gains have proved to be a correction. Friday’s move lower resulted in a print below 1.0226, the Jan 2 low. The pair also traded lower Monday. The break of 1.0226 confirms a resumption of the downtrend. Sights are on 1.0138 next, a Fibonacci projection. Resistance to watch is 1.0458, Dec 30 high. The latest bounce is considered corrective.
US TSYS: Draft of Ceasefire & Hostage Deal Agreed On in Principle
- Wires reporting that draft ceasefire and hostage deal between Israel and Hamas has been agreed upon "in principle".
- If details are approved and the Israeli government also votes for its approval, implementation of the deal could begin as soon as this weekend, CBS reports.
