April 22, 2024 06:02 GMT
Trend Needle Points North
EURJPY TECHS
- RES 4: 167.69 2.0% 10-dma envelope
- RES 3: 166.00 Round number resistance
- RES 2: 165.35 High Mar 20 and the bull trigger
- RES 1: 165.17 High Apr 09
- PRICE: 165.02 @ 07:01 BST Apr 22
- SUP 1: 163.68/162.28 Trendline from Dec 7 ‘23 low / Low Apr 12
- SUP 2: 161.07 Low Mar 15
- SUP 3: 160.72 38.2% retracement of the Dec 7 ‘23 - Mar 20 rally
- SUP 4: 160.22 Low Mar 11
The trend condition in EURJPY remains bullish and this is reinforced by the fact that the cross remains above key support at 163.68 - a trendline drawn from the Dec 7 ‘23 low. This line has recently been pierced. A clear break of it is required to signal a short-term reversal and this would also highlight a breach of the 50-day EMA, at 163.01. For bulls, key resistance is unchanged at 165.35, the Mar 20 high.
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