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Medium-Term Trend Structure Remains Bullish

EURJPY TECHS
  • RES 4: 173.31 2.0% 10-dma envelope
  • RES 3: 192.00 Round number resistance
  • RES 2: 171.56 High Apr 29 and the bull trigger
  • RES 1: 170.80 High May 28 and 29
  • PRICE: 169.67 @ 06:53 BST May 31
  • SUP 1: 168.89 20-day EMA
  • SUP 2: 166.83 Trendline support drawn from the Dec 7 ‘23 low
  • SUP 3: 165.64 Low May 7
  • SUP 4: 164.02 Low May 3

The medium-term trend structure in EURJPY is bullish and the latest pullback is considered corrective. Sights are on 171.56, the Apr 29 high and a key resistance. A break of this hurdle would confirm a resumption of the uptrend. Initial support to watch is 168.89, the 20-day EMA. A break of it would expose key trendline support drawn from the Dec 7 ‘23 low, at 166.83. A clear breach of this line would highlight a potential reversal.

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