Free Trial

Winning Streak

EURJPY TECHS
  • RES 4: 171.56 High Apr 29 and the bull trigger
  • RES 3: 170.04 2.0% 10-dma envelope
  • RES 2: 169.78 76.4% retracement of the Apr 29 - May 3 retracement
  • RES 1: 169.34 High May 14
  • PRICE: 169.29 @ 16:08 BST May 14
  • SUP 1: 166.61 20-day EMA
  • SUP 2: 164.97/02 50-day EMA / Low May 3
  • SUP 3: 163.02 Low Apr 19
  • SUP 4: 162.28 Low Apr 12

EURJPY is building further on recent gains, printing higher lows for seven consecutive sessions, the longest winning streak in a year. This firms the medium-term trend direction, which points up for now. The next upside level crosses at 169.78. S/T volatile pullbacks are considered corrective, after a recent move lower resulted in a test of the 50-day EMA, at 164.97, and trendline support drawn from the Dec 7 ‘23 low. A clear break of these support points would highlight a stronger reversal and signal scope for a deeper retracement.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.