RENEWABLES: CWE Morning Wind Forecast

• RES 4: 166.69 High Oct 31 2024 and a key resistance
• RES 3: 166.10 High Nov 6         
• RES 2: 165.21/43 High May 13 and bull trigger / High Nov 8 2024 
• RES 1: 164.26 High May 29 
• PRICE: 163.37 @ 07:10 BST Jun 3 
• SUP 1: 162.53/161.09 50-day EMA / Low May 23 and key support
• SUP 2: 160.99 Low Apr 22  
• SUP 3: 160.01 50% Retracement Feb’25 - May’25 Upleg
• SUP 4: 159.48 Low Apr 9  

A bullish theme in EURJPY remains intact. The recovery from the May 23 low signals the end of the corrective pullback between May 13 - 23. If correct, the move higher also marks a resumption of the uptrend. Key short-term support lies at 161.09, the May 23 low, where a break is required to highlight a stronger reversal and suggest scope for a deeper correction. Sights are on 165.21, the May 13 high and bull trigger.

• RES 4: 122.70 2.000 proj of the Mar 14 - Apr 4 - 9 price swing
• RES 3: 122.00 Round number resistance
• RES 2: 121.93 76.4% of the Dec 5 ‘24 - Mar 14 bear leg (cont)
• RES 1: 121.43 1.618 proj of the Mar 14 - Apr 4 - 9 price swing
• PRICE: 121.11 @ Close Jun 2 
• SUP 1: 120.30 20-day EMA      
• SUP 2: 119.64/00 50-day EMA / Low May 14
• SUP 3: 118.76/09 Low Apr 15 / 14
• SUP 4: 117.28 Low Apr 10

A bull cycle in BTP futures remains intact and recent gains reinforce current conditions. Key resistance and the bull trigger at 120.72, the May 8 high, has been cleared. This confirms a resumption of the uptrend and opens 121.43 next, a Fibonacci projection. Key support to watch lies at 119.64, the 50-day EMA. A clear break of the average would signal scope for a deeper retracement. First support lies at 120.30, the 20-day EMA.

MNI discusses the BOJ's focus on the upcoming June Tankan report -- on MNI Policy MainWire now, for more details please contact sales@marketnews.com.