EURJPY TECHS: Approaching Support At The 50-Day EMA

• Headline 2.59%Y/Y in March (2.84% in February)
• Core 3.38%Y/Y in March (3.53% in February)
• Services 4.72%Y/Y in March (4.97% in February)
• NEIG 1.11%Y/Y in March (1.07% in February)
• Energy -8.01%Y/Y in March (-6.78% in February)
• Food, alcohol, tobacco 3.62%Y/Y in March (3.91% in February)
• Food and non-alcoholic beverages 3.05%Y/Y in March (3.29% in February)
• Alcoholic beverages and tobacco 5.30%Y/Y in March (5.75% in February)

• MNI: UK MAR CPI +0.3% M/M, +2.6% Y/Y
• UK MAR CORE CPI +0.5% M/M, +3.4% Y/Y
• UK MAR RPI +0.3% M/M, +3.2% Y/Y
• UK MAR SERVICES CPI +0.4% M/M, +4.7% Y/Y

• RES 4: 151.30 High Mar 3   
• RES 3: 149.10/151.21 50-day EMA / High Mar 28 and reversal trigger 
• RES 2: 146.95 20-day EMA
• RES 1: 144.64/146.54 High Apr 11 / Low Mar 11 recent breakout point   
• PRICE: 142.12 @ 06:58 BST Apr 16
• SUP 1: 142.07 Low Apr 11 and the bear trigger     
• SUP 2: 141.65 Low Sep 30 ‘24
• SUP 3: 141.00 1.236 proj of the Feb 12 - Mar 11 - 28 price swing
• SUP 4: 140.32 Low Sep 17 ‘24

The trend condition in USDJPY remains bearish and the pair is trading at its recent lows. Recent weakness confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Note too that moving average studies are in a bear-mode position highlighting a dominant downtrend. Sights are on 141.65 next, the Sep 30 ‘24 low. Initial firm resistance to watch is the 20-day EMA, at 146.95.