EURJPY TECHS: Bull Cycle Still In Play

• There appear to be a small improvement in risk appetite over the last few minutes, stocks paring losses (SPX eminis -18.0 at 6974.75 vs. 6917.50 low), US$ scaling off recent highs (BBDXY +7.91 at 1185.81 vs. 1188.31 high), Tsy futures off recent highs, curves twist steeper: 2s10s +4.065 at 70.885 (steepest since January 2).
• No obvious headline driver, markets likely squaring up ahead of the weekend, not to mention potential for month end extensions.

• RES 4: 0.8813 76.4% retracement of the Nov 14 - Jan 6 bear leg   
• RES 3: 0.8797 High Dec 17   
• RES 2: 0.8781 61.8% retracement of the Nov 14 - Jan 6 bear leg
• RES 1: 0.8710/46 50-day EMA / High Dec 31 & Jan 21
• PRICE: 0.8660 @ 16:20 GMT Jan 30
• SUP 1: 0.8644 Low Jan 6 and the bear trigger
• SUP 2: 0.8633 Low Sep 15
• SUP 3: 0.8620 38.2% retracement of the Dec ‘24 - Nov ‘25 bull cycle 
• SUP 4: 0.8597 Low Aug 14

A bear threat in EURGBP remains intact and recent weakness signals the end of a corrective recovery between Jan 6 - 21. Moving average studies are in a bear-mode set-up and this continues to highlight a dominant bear cycle. Key support and the bear trigger to watch lies at 0.8644, the Jan 6 low. A break of this level would confirm a resumption of the trend and open 0.8620, a Fibonacci retracement. Key resistance is at 0.8746, the Jan 21 high.    

• CANADA MOVES NEXT CPI RELEASE TO FEB 17 FROM FEB 16