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Pierces Key Trendline Support

EURJPY TECHS
  • RES 4: 176.03 1.618 proj of the May 3 - 15 - 16 price swing
  • RES 3: 175.43 High Jul 11 and the bull trigger
  • RES 2: 173.92 61.8% retracement of the Jul 11 - 12 sell-off
  • RES 1: 172.92 High Jul 16
  • PRICE: 170.71 @ 07:06 BST Jul 18
  • SUP 1: 170.53/00 Trendline from the Dec 7 ‘23 low / Intraday low
  • SUP 2: 169.33 Low Jun 21
  • SUP 3: 167.96 Low Jun 17
  • SUP 4: 167.53 Low Jun 14 and a key support

The sharp sell-off in EURJPY on Jul 11, resulted in a breach of the 20-day EMA. The cross remains soft and has traded lower this week. Today's initial move down has resulted in a print below key support at 170.53, a trendline drawn from the Dec 7 ‘23 low. A clear break of this line would highlight a stronger reversal. Key resistance and the bull trigger is 175.43, the Jun 11 high. Initial resistance is at 172.92, the Jul 16 high.

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