June 05, 2024 19:00 GMT
Corrective Pullback
EURJPY TECHS
- RES 4: 173.31 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: 169.67 @ 16:38 BST Jun 5
- SUP 1: 168.09 Low Jun 4
- SUP 2: 167.16 Trendline support drawn from the Dec 7 ‘23 low
- SUP 3: 165.64 Low May 7
- SUP 4: 164.02 Low May 3 and a pivot support
EURJPY has faded off recent highs, however the move down appears to be a correction. The medium-term trend structure remains bullish and sights are on 171.56, the Apr 29 high and a key resistance. Clearance of this hurdle would confirm a resumption of the uptrend. Support to watch is at a key trendline drawn from the Dec 7 ‘23 low, at 167.16. A clear breach of this line would highlight a potential reversal.
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