EURJPY TECHS: Bear Threat Remains Present
- RES 4: 143.16 61.8% retracement of the Dec 15 - Jan 3 bear leg
- RES 3: 142.86/94 High Jan 11 / High Dec 28 and key resistance
- RES 2: 141.69 High Jan 18
- RES 1: 140.62/141.69 20-day EMA / High Jan 18
- PRICE: 138.70 @ 16:27 GMT Jan 19
- SUP 1: 137.92 Low Jan 19
- SUP 2: 137.39 Low Jan 3 and the bear trigger
- SUP 3: 137.03 Low Aug 29
- SUP 4: 136.02 Low Aug 25
A strong rally in EURJPY Wednesday failed to signal a short-term reversal and instead, the move from Wednesday’s high leaves support at 137.39 exposed, the Jan 3 low and bear trigger. A break lower would confirm a resumption of the downtrend and open 137.03, Aug 29 low. Moving average studies remain in a bear mode position and this highlights a dominant downtrend. Key resistance is at the 141.69/142.86 zone, the Jan 18 and 11 highs respectively.
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Figure 1: President Biden Approval Rating (FiveThirtyEight)
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- Livestream: https://www.c-span.org/video/?524969-1/ways-means-committee-ranking-member-brady-news-conference
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- Chad Pegram at Fox News writes that, "Democrats have been mysteriously quiet about what happens behind closed doors at today’s session."
