Free Trial

Scope For A Deeper Retracement

EURJPY TECHS
  • RES 4: 171.64 2.00 proj of the Jan 1 - 19 - Feb 1 price swing
  • RES 3: 171.56 High Apr 29
  • RES 2: 170.04 1.764 proj of the Jan 1 - 19 - Feb 1 price swing
  • RES 1: 169.39 High Apr 26
  • PRICE: 168.21 @ 16:22 BST May 1
  • SUP 1: 167.67 Low Apr 29
  • SUP 2: 165.64 20-day EMA
  • SUP 3: 164.44 Trendline drawn from the Dec 7 ‘23 low
  • SUP 4: 164.01 50-day EMA

The EURJPY trend condition remains bullish however a sharp rally followed by a strong reversal, on Monday, signals scope for a deeper retracement near-term. A bear cycle would allow an overbought trend condition to unwind. Initial support to watch lies at 165.64, the 20-day EMA. Key trendline support at 164.44 remains intact. The line is drawn from the Dec 7 ‘23 low and a clear break of it is required to signal a short-term reversal.

148 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • RES 4: 171.64 2.00 proj of the Jan 1 - 19 - Feb 1 price swing
  • RES 3: 171.56 High Apr 29
  • RES 2: 170.04 1.764 proj of the Jan 1 - 19 - Feb 1 price swing
  • RES 1: 169.39 High Apr 26
  • PRICE: 168.21 @ 16:22 BST May 1
  • SUP 1: 167.67 Low Apr 29
  • SUP 2: 165.64 20-day EMA
  • SUP 3: 164.44 Trendline drawn from the Dec 7 ‘23 low
  • SUP 4: 164.01 50-day EMA

The EURJPY trend condition remains bullish however a sharp rally followed by a strong reversal, on Monday, signals scope for a deeper retracement near-term. A bear cycle would allow an overbought trend condition to unwind. Initial support to watch lies at 165.64, the 20-day EMA. Key trendline support at 164.44 remains intact. The line is drawn from the Dec 7 ‘23 low and a clear break of it is required to signal a short-term reversal.