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Resumes Its Long-Term Uptrend

EURJPY TECHS
  • RES 4: 166.46 1.236 proj of the Jan 2 - 19 - Feb 1 price swing
  • RES 3: 166.00 Round number resistance
  • RES 2: 165.16 2.0% 10-dma envelope
  • RES 1: 164.86 1.00 proj of the Jan 2 - 19 - Feb 1 price swing
  • PRICE: 164.59 @ 16:12 GMT Mar 20
  • SUP 1: 162.09 20-day EMA
  • SUP 2: 161.17 Trendline drawn from Dec 7 low
  • SUP 3: 160.22 Low Mar 11
  • SUP 4: 159.47 Low Feb 8

The JPY remains under pressure and EURJPY continues to climb. The cross has cleared key resistance at 163.72, the Feb 26 high and more importantly traded through 164.30, the Nov 16 ‘23 high and the medium-term bull trigger. This confirms a resumption of the long-term uptrend. The break higher opens 164.86, a Fibonacci projection, and the 166.00 handle further out. Initial firm support lies at 162.09, the 20-day EMA.

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