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Holding On To Its Recent Gains

EURJPY TECHS
  • RES 4: 171.56 High Apr 29 and the bull trigger
  • RES 3: 169.78 76.4% retracement of the Apr 29 - May 3 retracement
  • RES 2: 168.66 High May 1
  • RES 1: 167.97 High May 10
  • PRICE: 167.89 @ 16:23 BST May 10
  • SUP 1: 165.74 20-day EMA
  • SUP 2: 164.39/02 50-day EMA / Low May 3
  • SUP 3: 163.02 Low Apr 19
  • SUP 4: 162.28 Low Apr 12

EURJPY is building on recent gains. The medium-term trend direction is up and the recent volatile pullback is considered corrective. The move lower resulted in a test of the 50-day EMA, at 164.39, and a trendline support drawn from the Dec 7 ‘23 low, at 165.09. A clear break of these support points would highlight a stronger reversal and signal scope for a deeper retracement. Initial resistance is 168.66, the May 1 high.

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