April 29, 2024 04:57 GMT
Corrective Phase
EURJPY TECHS
- RES 4: 171.64 2.00 proj of the Jan 1 - 19 - Feb 1 price swing
- RES 3: 171.56 Intraday high
- RES 2: 170.04 1.764 proj of the Jan 1 - 19 - Feb 1 price swing
- RES 1: 169.39 High Apr 26
- PRICE: 168.76 @ 05:56 BST Apr 29
- SUP 1: 166.49 Low Apr 26
- SUP 2: 165.14 20-day EMA
- SUP 3: 164.22 Trendline drawn from the Dec 7 ‘23 low
- SUP 4: 163.69 50-day EMA
The EURJPY trend condition remains bullish however a sharp rally followed by a strong reversal, signals scope for a deeper retracement near-term. A bear cycle would allow an overbought trend condition to unwind. Initial support to watch lies at 165.14, the 20-day EMA. Key trendline support lies at 164.22 remains intact. The line is drawn from the Dec 7 ‘23 low and a clear break of it is required to signal a short-term reversal.
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