May 27, 2024 06:17 GMT
Trend Structure Remains Bullish
EURJPY TECHS
- RES 4: 172.71 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: 170.50 High May 24
- PRICE: 170.06 @ 07:16 BST May 27
- SUP 1: 168.22 20-day EMA
- SUP 2: 166.40 Trendline support drawn from the Dec 7 ‘23 low
- SUP 3: 166.21 50-day EMA
- SUP 4: 164.02 Low May 3
EURJPY maintains a firmer short-term tone and is holding on to its recent gains. The medium-term trend structure is bullish and sights are on 171.56, the Apr 29 high and key resistance. Initial support lies at the 20-day EMA, at 168.22, and remains intact. Key trendline support drawn from the Dec 7 ‘23 low, is at 166.40. A clear breach of this line would instead highlight a stronger reversal and initially expose support at the 50-day EMA, at 166.21.
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