July 15, 2024 19:56 GMT
Monitoring Trendline Support
EURJPY TECHS
- 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: 173.92/175.43 61.8% of the Jul 11 - 12 sell-off / High Jul 11
- PRICE: 172.07 @ 20:56 BST Jul 15
- SUP 1: 171.47 Low Jul 12
- SUP 2: 170.32 Trendline drawn 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 last Thursday resulted in a breach of the 20-day EMA. For now, short-term weakness appears to be a correction. Attention is on the key support at 170.32, 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, the Jun 11 high. A break would resume the uptrend.
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