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Watching Trendline Support

EURJPY TECHS
  • RES 4: 167.34 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: 163.86 @ 06:54 BST Apr 16
  • SUP 1: 163.24/162.28 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

Last week’s move lower in EURJPY resulted in a print below key support at 163.24 - the trendline drawn from the Dec 7 ‘23 low. The breach appears to be a false one and the cross traded higher Monday. A clear break of this trendline is required to highlight a S/T reversal and this would also highlight a break of the 50-day EMA, at 162.74. For bulls, key resistance is 165.35, the Mar 20 high. Clearance of this hurdle resumes the primary uptrend.

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