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Trend Condition Is Overbought

EURJPY TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • 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: 168.30 @ 20:34 BST Apr 30
  • SUP 1: 167.67 Low Apr 29
  • SUP 2: 165.37 20-day EMA
  • SUP 3: 164.33 Trendline drawn from the Dec 7 ‘23 low
  • SUP 4: 163.84 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 165.37, 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.

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  • 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: 168.30 @ 20:34 BST Apr 30
  • SUP 1: 167.67 Low Apr 29
  • SUP 2: 165.37 20-day EMA
  • SUP 3: 164.33 Trendline drawn from the Dec 7 ‘23 low
  • SUP 4: 163.84 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 165.37, 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.