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Approaching Key Resistance

EURJPY TECHS
  • RES 4: 172.89 2.0% 10-dma envelope
  • RES 3: 192.00 Round number resistance
  • RES 2: 171.56 High Apr 29 and the bull trigger
  • RES 1: 170.74 High May 28
  • PRICE: 170.70 @ 16:35 BST May 28
  • SUP 1: 168.42 20-day EMA
  • SUP 2: 166.51 Trendline support drawn from the Dec 7 ‘23 low
  • SUP 3: 166.37 50-day EMA
  • SUP 4: 164.02 Low May 3

EURJPY maintains a firmer short-term tone and is holding on to its recent gains. The medium-term trend structure is bullish and sights are on 171.56, the Apr 29 high and key resistance. Initial support lies at the 20-day EMA, at 168.42, and remains intact. Key trendline support drawn from the Dec 7 ‘23 low, is at 166.51. A clear breach of this line would instead highlight a stronger reversal and initially expose support at the 50-day EMA, at 166.37.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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