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Remains Above Support

EURJPY TECHS
  • RES 4: 152.00 1.382 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 3: 151.61 High May 2 and the bull trigger
  • RES 2: 150.32 76.4% retracement of the May 2 - 11 bear leg
  • RES 1: 150.06 High May 23
  • PRICE: 149.15 @ 06:55 BST May 24
  • SUP 1: 148.36 20-day EMA
  • SUP 2: 146.79/13 50-day EMA / Low May 11
  • SUP 3: 145.67 High Mar 31
  • SUP 4: 145.49 2.0% 10-dma envelope

EURJPY maintains a short-term bullish tone and traded higher yesterday. The focus is on 150.32 next, a Fibonacci retracement, ahead of 151.61, the May 2 high and a bull trigger. The 50-day EMA, which intersects at 146.79, remains intact and marks a key support. A clear break of this average is required to signal a resumption of bearish activity. Initial support lies at 148.36, the 20-day EMA.

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