EURJPY TECHS: Approaching Support At The 50-Day EMA
- RES 4: 167.40 61.8% retracement of the Jul 11 - Aug ‘24 sell-off
- RES 3: 166.69 High Oct 31 2024 and a key resistance
- RES 2: 166.10 High Nov 6
- RES 1: 165.21/43 High May 13 / High Nov 8 2024
- PRICE: 162.85 @ 07:04 GMT May 16
- SUP 1: 162.21 50-day EMA
- SUP 2: 161.60 Low May 6
- SUP 3: 160.99 Low Apr 22
- SUP 4: 159.48 Low Apr 9
EURJPY has pulled back from its recent high. The move down is for now, considered corrective. The latest bullish extension paves the way for a climb towards 165.43, the Nov 8 ‘24 high. Moving average studies are in a bull mode position, highlighting a dominant uptrend. Support to watch is 162.21, the 50-day EMA. A break of this level is required to signal a possible reversal. This would open 161.60 initially, the May 6 low.
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UK DATA: Unrounded CPI
- 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
- 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
USDJPY TECHS: Southbound
- 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.
