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Bullish Price Activity

EURJPY TECHS
  • RES 4: 172.62 2.0% 10-dma envelope
  • RES 3: 172.00 Round number resistance
  • RES 2: 171.56 High Apr 29 and the bull trigger
  • RES 1: 170.89 High Jun 3
  • PRICE: 170.48 @ 16:40 BST Jun 21
  • SUP 1: 168.47/167.53 Trendline from the Dec 7 ‘23 low / Low Jun 14
  • SUP 2: 167.33 Low May 16
  • SUP 3: 165.64 Low May 7
  • SUP 4: 164.02 Low May 3 and a pivot support

The EURJPY trend structure remains bullish and recent weakness appears to have been a correction. The cross has recovered from the Jun 14 low and this leaves key trendline support - at 168.47 - intact. The line is drawn from the Dec 7 ‘23 low. A clear breach of it would undermine a bullish theme and highlight a reversal. 170.14 resistance, Jun 13 high, has been cleared. Sights are on 170.89, Jun 3 high, ahead of the bull trigger at 171.56, Apr 29 high.

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