May 30, 2024 06:57 GMT
Watching Support
EURJPY TECHS
- RES 4: 173.03 2.0% 10-dma envelope
- RES 3: 192.00 Round number resistance
- RES 2: 171.56 High Apr 29 and the bull trigger
- RES 1: 170.80 High May 28 and 29
- PRICE: 169.21 @ 07:56 BST May 30
- SUP 1: 168.79 20-day EMA
- SUP 2: 166.72 Trendline support drawn from the Dec 7 ‘23 low
- SUP 3: 165.64 Low May 7
- SUP 4: 164.02 Low May 3
The medium-term trend structure in EURJPY is bullish and short-term weakness is considered corrective. Recent gains signal scope for a test of 171.56, the Apr 29 high and a key resistance. A break of this hurdle would confirm a resumption of the uptrend. Initial support to watch is 168.79, the 20-day EMA. A break of it would expose key trendline support drawn from the Dec 7 ‘23 low, at 166.72. A clear breach of this line would highlight a reversal.
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