EURJPY TECHS: Trendline Support Remains Intact For Now

• RES 4: 177.27 2.0% 10-dma envelope 
• RES 3: 176.82 1.764 proj of the May 3 - 15 - 16 price swing
• RES 2: 176.03 1.618 proj of the May 3 - 15 - 16 price swing
• RES 1: 173.94/175.43 61.8% of the Jul 11 - 12 sell-off / High Jul 11 
• PRICE: 172.15 @ 16:34 BST Jul 12
• SUP 1: 171.47 Low Jul 12
• SUP 2: 170.10 Trendline from the Dec 7 ‘23 low 
• SUP 3: 167.53 Low Jun 14 
• SUP 4: 167.33 Low May 16 

The sharp sell-offs in EURJPY on Thursday and Friday resulted in a print below the 20-day EMA. For now, short-term weakness appears to be a correction. Attention is on the key support at 170.10, a trendline drawn from the Dec 7 ‘23 low. A clear break of this line is required to highlight a stronger reversal. Key resistance and the bull trigger has been defined at 175.43, Thursday’s intraday high. A break would resume the uptrend.