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Short-Term Recovery Extends

  • 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: 149.33 High May 18
  • PRICE: 149.27 @ 16:16 BST May 18
  • SUP 1: 147.85 20-day EMA
  • SUP 2: 146.34/13 50-day EMA / Low May 11
  • SUP 3: 145.67 High Mar 31
  • SUP 4: 145.07 2.0% 10-dma envelope

EURJPY traded higher Wednesday as the cross extended the bounce from 146.13, the May 11 low. Support at the 50-day EMA, which intersects at 146.34, remains intact. Prices printed 149.33 Thursday, topping the May 8 high. A firm break of this hurdle would strengthen short-term bullish conditions and open 150.32, a Fibonacci retracement. On the downside, a clear break of the 50-day EMA is required to signal scope for a deeper pullback.

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