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EURJPY TECHS: Bull Cycle Remains In Play

EURJPY TECHS
  • RES 4: 175.52 2.0% 10-dma envelope 
  • RES 3: 175.40 1.50 proj of the May 3 - 15 - 16 price swing
  • RES 2: 174.77 1.382 proj of the May 3 - 15 - 16 price swing  
  • RES 1: 174.52 High Jul 03
  • PRICE: 174.24 @ 16:39 BST Jul 04
  • SUP 1: 173.09/172.28 Low Jul 2 / 1 
  • SUP 2: 171.25 20-day EMA  
  • SUP 3: 169.44/167.53 Trendline from the Dec 7 ‘23 low / Low Jun 14 
  • SUP 4: 167.33 Low May 16 

The EURJPY trend structure is unchanged, it remains bullish and the cross traded to a fresh cycle high once again yesterday. Recent gains resulted in a break of a key resistance and bull trigger at 171.56, the Apr 29 high, confirming a resumption of the uptrend. Moving average studies are in a bull-mode position, and this highlights a clear rising trend. Sights are on 173.98, a Fibonacci projection. Firm support is at 171.25, the 20-day EMA.     

Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegion

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