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EURJPY TECHS: Bulls Remain In The Driver’s Seat

EURJPY TECHS
Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegion
  • RES 4: 174.77 1.382 proj of the May 3 - 15 - 16 price swing
  • RES 3: 174.66 2.0% 10-dma envelope
  • RES 2: 173.98 1.236 proj of the May 3 - 15 - 16 price swing   
  • RES 1: 173.67 High Jul 01
  • PRICE: 173.42 @ 16:23 BST Jul 02
  • SUP 1: 171.45 Low Jun 28 
  • SUP 2: 170.64 20-day EMA  
  • SUP 3: 169.23/167.53 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 started this week’s session on a bullish note, trading to a fresh cycle high.  Last week’s gains resulted in a break of key resistance and the bull trigger at 171.56, the Apr 29 high, confirming a resumption of the uptrend. The move higher opens 173.98, a Fibonacci projection. Initial firm support lies at 170.64, the 20-day EMA.   

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  • RES 4: 174.77 1.382 proj of the May 3 - 15 - 16 price swing
  • RES 3: 174.66 2.0% 10-dma envelope
  • RES 2: 173.98 1.236 proj of the May 3 - 15 - 16 price swing   
  • RES 1: 173.67 High Jul 01
  • PRICE: 173.42 @ 16:23 BST Jul 02
  • SUP 1: 171.45 Low Jun 28 
  • SUP 2: 170.64 20-day EMA  
  • SUP 3: 169.23/167.53 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 started this week’s session on a bullish note, trading to a fresh cycle high.  Last week’s gains resulted in a break of key resistance and the bull trigger at 171.56, the Apr 29 high, confirming a resumption of the uptrend. The move higher opens 173.98, a Fibonacci projection. Initial firm support lies at 170.64, the 20-day EMA.