April 16, 2024 19:00 GMT
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: 163.32 @ 16:04 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.
151 words