EURJPY TECHS: Continues To Climb
- RES 4: 156.23 2.00 proj of the Mar 20 - 21 - Apr 6 price swing
- RES 3: 155.00 Round number resistance
- RES 2: 154.62 1.764 proj of the Mar 20 - 21 - Apr 6 price swing
- RES 1: 154.00 Intraday high
- PRICE: 153.91 @ 06:39 BST Jun 16
- SUP 1: 151.61 Low Jun 15
- SUP 2: 150.19 20-day EMA
- SUP 3: 148.56 50-day EMA
- SUP 4: 147.61 Low May 16
EURJPY traded sharply higher Thursday as this week’s bull run extended and the cross is climbing again today. Price has cleared key resistance at 151.61, the May 2 high and an important bull trigger. This confirms a resumption of the longer-term uptrend. The focus is on 154.62, a Fibonacci projection. On the downside, initial firm support is seen at 150.19, the 20-day EMA. A break would signal a short-term top.
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BTP TECHS: (M3) Corrective Pullback
- RES 4: 117.17 High Mar 24 and the bull trigger
- RES 3: 116.97 High Apr 6
- RES 2: 116.17 76.4% retracement of the Mar 24 - Apr 24 downleg
- RES 1: 115.89 High May 11
- PRICE: 114.66 @ Close May 16
- SUP 1: 113.91 Low May 10
- SUP 2: 113.70 Low May 2
- SUP 3: 112.93/89 Low Apr 24 / 61.8% of the Mar 2 - 24 rally
- SUP 4: 111.88 76.4% retracement of the Mar 2 - 24 rally
BTP futures remain in a bull cycle and the latest pullback is considered corrective. The contract recently pierced resistance at 115.84, the May 4 high and an extension higher would open 116.17 next, a Fibonacci retracement. A break of this level would expose 116.97, the Apr 6 high ahead of key resistance at 117.17, the Mar 24 high. On the downside, support to watch lies at 113.91, May 10 low. A break would allow for a deeper retracement.
LOOK AHEAD: UK Timeline of Key Events (Times BST)
| Date | UK | Period | Event |
| 17-May | 1050 | ---- | BOE Bailey Speech at British Chambers of Commerce |
| 18-May | 0845 | ---- | BOE Pill Opens CCBS Macro-finance Workshop |
| 18-May | 1015 | ---- | BOE Bailey, Broadbent, Ramsden TSC Evidence on QE & QT |
| 19-May | 0001 | May | Gfk Monthly Consumer Confidence |
| 22-May | ---- | ---- | DMO Quarterly Investor/GEMM Consultation Meetings |
| 23-May | 0700 | Apr | Public Sector Finances |
| 23-May | 0930 | May | S&P Global Manufacturing/Services PMI flash |
| 24-May | 0700 | Apr | Inflation Report |
| 24-May | 0930 | Mar | ONS House Price Index |
| 26-May | 0700 | Apr | Retail Sales |
| 30-May | 0001 | May | BRC Monthly Shop Price Index |
| 31-May | 0930 | Apr | BOE Lending to Individuals / M4 |
| 06-Jun | 0001 | May | BRC-KPMG Shop Sales Monitor |
| 06-Jun | 0930 | May | S&P Global Construction PMI |
| 13-Jun | 0700 | Apr/May | Labour Market Survey |
| 14-Jun | 0700 | May | Monthly GDP/Services/IP/Trade/Construction |
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 17-May | ---- | EU | HICP (f) |
| 17-May | 1000 | EU | ECB Elderson Panels Beyond Growth Conference |
| 17-May | 1030 | EU | ECB Panetta Presentation on Digital Euro |
| 17-May | 1615 | EU | ECB de Guindos Closes IESE Banking Meeting |
| 18-May | 0730 | EU | ECB de Guindos Remarks at PwC Seminar |
| 19-May | 0700 | DE | PPI |
| 19-May | 1555 | EU | ECB Schnabel Speech Finance Stability Mon Policy Conf |
| 19-May | 1700 | EU | ECB Schnabel Panels Finance Stability Mon Policy Conf |
| 19-May | 2000 | EU | ECB Lagarde Video Presentation at Banco Central Brasil |
| 22-May | 1000 | EU | Construction Production |
| 22-May | 1000 | EU | ECB de Guindos Opens ECB/EIOPA Workshop |
| 22-May | 1000 | EU | ECB Elderson Guest Lecture Utrecht University |
| 22-May | 1500 | EU | Consumer Confidence Indicator (p) |
| 22-May | 1515 | EU | ECB Lane Panels OeNB Economics SUERF Conference |
