June 03, 2024 05:58 GMT
Bulls Have Their Sights On The Key Resistance
EURJPY TECHS
- RES 4: 173.31 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: 170.89 Intraday high
- PRICE: 170.81 @ 06:57 BST Jun 3
- SUP 1: 169.06 20-day EMA
- SUP 2: 166.94 Trendline support drawn from the Dec 7 ‘23 low
- SUP 3: 165.64 Low May 7
- SUP 4: 164.02 Low May 3
The medium-term trend structure in EURJPY is bullish and the cross has traded to a fresh short-term cycle high. Sights are on 171.56, the Apr 29 high and a key resistance. A break of this hurdle would confirm a resumption of the uptrend. Initial support to watch is 169.06, the 20-day EMA. A break of it would expose key trendline support drawn from the Dec 7 ‘23 low, at 166.94. A clear breach of this line would highlight a potential reversal.
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