May 24, 2024 06:18 GMT
Trend Needle Points North
EURJPY TECHS
- RES 4: 172.46 2.0% 10-dma envelope
- RES 3: 171.56 High Apr 29 and the bull trigger
- RES 2: 170.65 0.618 proj of the May 3 - 15 - 16 price swing
- RES 1: 170.32 High May 23
- PRICE: 169.78 @ 07:15 BST May 24
- SUP 1: 168.01 20-day EMA
- SUP 2: 166.29 Trendline support drawn from the Dec 7 ‘23 low
- SUP 3: 166.04 50-day EMA
- SUP 4: 164.02 Low May 3
EURJPY maintains a firmer short-term tone and is holding on to its latest gains. The medium-term trend structure is bullish and sights are on 171.56, the Apr 29 high and key resistance. Initial supportlies at the 20-day EMA, at 168.01, and remains intact. Key trendline support drawn from the Dec 7 ‘23 low, is at 166.29. A clear breach of this line would instead highlight a stronger reversal and initially expose support at the 50-day EMA, at 166.04.
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