EURJPY TECHS: Bear Threat Still Present
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 and a key short-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 162.89 High Jan 15
- PRICE: 162.23 @ 07:08 GMT Jan 22
- SUP 1: 159.73 Low Jan 17
- SUP 2: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle
- SUP 3: 158.67 Low Dec 11
- SUP 4: 158.24 76.4% retracement of the Dec 3 - 30 bull cycle
A short-term bear cycle in EURJPY remains intact despite the latest bounce. Recent weakness resulted in a print below support at 160.04, the Jan 13 low. A clear break of this level would strengthen a bearish threat. The next price point to watch is 159.51, a Fibonacci retracement. On the upside, a move above resistance at 162.89, the Jan 15 high, would reinstate the recent bullish theme.
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UK DATA: GDP revised downward by a tenth in both Q3-24 and Q2-24
For GDP: downward revisions of 0.1ppt for both Q3-24 to flat (from +0.1%Q/Q) and to Q2-24 (to 0.4%Q/Q). No revisions to Q1-23 to Q1-24 data.
- ONS: "There was no growth in the services sector in the latest quarter, whilst a 0.7% increase in construction was offset by a 0.4% fall in production."
- No real GBP FX impact from these data. And too backward looking to really impact monpol going forward.
EURJPY TECHS: Holding On To Its Recent Gains
- RES 4: 166.10 High Nov 6
- RES 3: 165.04 High Nov 15 and a key short-term resistance
- RES 2: 164.21 76.4% retracement of the Oct 31 - Dec 3 bear leg
- RES 1: 163.80 High Dec 19
- PRICE: 163.41 @ 07:05 GMT Dec 23
- SUP 1: 161.65/159.82 20-day EMA / Low Dec 18
- SUP 2: 158.67 Low Dec 11
- SUP 3: 157.87 Low Dec 09
- SUP 4: 156.18 Low Dec 03 and the bear trigger
EURJPY is holding on to its recent gains and a bullish theme remains intact. The cross has traded through 162.48 the Dec 17 high, to confirm a resumption of the recovery that started on Dec 3. A continuation higher would signal scope for an extension towards 164.21, the 76.4% retracement of the Oct 31 - Dec 3 bear leg. Key short-term support has been defined at 159.82, the Dec 18 low. A break of this level is required to signal a possible reversal.
MNI: UK Q3 GDP +0% Q/Q, +0.9% Y/Y
- MNI: UK Q3 GDP +0% Q/Q, +0.9% Y/Y
