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EURJPY TECHS: Trendline Support Remains Intact

EURJPY TECHS
  • RES 4: 172.56 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: 170.32 / 89 High Jun 20 / 3 
  • PRICE: 170.01 @ 17:31 BST Jun 20
  • SUP 1: 168.36/167.53 Trendline from the Dec 7 ‘23 low / Low Jun 14
  • SUP 2: 167.33 Low May 16 
  • SUP 3: 165.64 Low May 7 
  • SUP 4: 164.02 Low May 3 and a pivot support   

The EURJPY trend structure remains bullish and the recent move lower appears corrective. The cross has recovered from its recent lows and this leaves the key trendline support - at 168.36 - intact. The line is drawn from the Dec 7 ‘23 low. A clear breach of it would undermine a bullish theme and highlight a potential reversal. Initial firm resistance to watch is at 170.14, the Jun 13 high. A break would expose the bull trigger at 171.56, the Apr 29 high. 

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