EURJPY TECHS: Monitoring Resistance

• RES 4: 159.45 High Jan 14 and the bull trigger 
• RES 3: 157.76 High Feb 9
• RES 2: 156.29 High Feb 10 
• RES 1: 155.64 High Feb 20 
• PRICE: 154.94 @ 19:23 GMT Feb 22  
• SUP 1: 152.11 Trendline support drawn from the Apr 22 ‘25 low
• SUP 2: 152.10 Low Jan 27 and bear trigger
• SUP 3: 151.54 Low Oct 29 ‘25
• SUP 4: 149.67 50.0% of the Apr 22 ‘25 - Jan 14 bull cycle

USDJPY is holding on to its recent gains and continues to trade above key short-term support at 152.10, the Jan 27 low and bear trigger. Clearance of this level is required to highlight a stronger reversal and resume the bear cycle that started Jan 14. The bounce has resulted in a break of the 20-day EMA and price has pierced the 50-day EMA, at 155.31. A continuation higher would highlight a stronger reversal and open 156.29, the Feb 10 high.

• RES 4: 0.8806 76.4% retracement of the Nov 14 - Feb 4 bear leg  
• RES 3: 0.8797 High Dec 17 
• RES 2: 0.8769 61.8% retracement of the Nov 14 - Feb 4 bear leg
• RES 1: 0.8752 High Feb 19
• PRICE: 0.8742 @ 19:37 GMT Feb 20
• SUP 1: 0.8702/8613 20-day EMA / Low Feb 04 and bear trigger
• SUP 2: 0.8597 Low Aug 14
• SUP 3: 0.8578 Low Jul 2 ‘25 
• SUP 4: 0.8544 50.0% retracement of the Dec ‘24 - Nov ‘25 bull cycle

Last week’s gains in EURGBP have resulted in a print above a key short-term resistance at 0.8746, the Jan 21 high. A clear breach of this hurdle would highlight a potential trend reversal and undermine the recent bearish theme. This would open 0.8769, a Fibonacci retracement. On the downside, first support to watch is 0.8702, the 20-day EMA, where a break is required to highlight a short-term bear reversal. 

• RES 4: 1.3929 High Jan 16 and a reversal trigger     
• RES 3: 1.3879 High Jan 20
• RES 2: 1.3730 50-day EMA 
• RES 1: 1.3725 High Feb 2 and a key resistance
• PRICE: 1.3689 @ 20:18 GMT Feb 20
• SUP 1: 1.3594/3482 Low Feb 13 / Low Jan 30 and the bear trigger  
• SUP 2: 1.3420 Low Sep 25 ‘24
• SUP 3: 1.3400 50.0% retracement of the 2021 - 2025 uptrend 

Last week’s gains in USDCAD resulted in a move through resistance at the 20-day EMA. Key short-term resistance to watch is unchanged at 1.3725, the Feb 2 high. A clear breach of this hurdle would suggest scope for a stronger S/T bull cycle instead. The M/T trend structure remains bearish - MA studies continue to highlight a dominant downtrend. A reversal lower would refocus attention on key support and bear trigger at 1.3482, the Jan 30 low.