EURJPY TECHS: Fresh Record High
- RES 4: 180.96 Top of a bull channel drawn from the Feb 28 low
- RES 3: 180.00 Psychological round number
- RES 2: 178.94 1.236 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 1: 178.23 High Oct 27 / Record High
- PRICE: 177.41 @ 16:04 GMT Oct 28
- SUP 1: 176.02 20-day EMA
- SUP 2: 174.82/42 Low Oct 17 / 50-day EMA
- SUP 3: 173.92 Low Oct 6 and a gap high on the daily chart
- SUP 4: 173.24 High Oct 3 and a gap low on the daily chart
The trend structure in EURJPY is bullish and Monday’s gains reinforce current conditions. The cross has cleared key resistance and the bull trigger at 177.94, the Oct 10 high, hitting new record highs in the process and this confirms a resumption of the primary uptrend. 178.94, a Fibonacci projection, is the next key upside level. First key support to watch lies at 176.02, the 20-day EMA. Support at the 50-day EMA is at 174.42.
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AUDUSD TECHS: Trades Through The 50-day EMA
- RES 4: 0.6763 1.382 proj of the Jun 23 - Jul 24 - Aug 21 price swing
- RES 3: 0.6726 1.236 proj of the Jun 23 - Jul 24 - Aug 21 price swing
- RES 2: 0.6660/6707 High Sep 18 / 17
- RES 1: 0.6585/6628 20-day EMA / High Sep 24
- PRICE: 0.6547 @ 19:06 BST Sep 26
- SUP 1: 0.6527/21 61.8% of the Aug 21 - Sep 17 bull leg / Low Sep 26
- SUP 2: 0.6484 76.4% retracement of the Aug 21 - Sep 17 bull leg
- SUP 3: 0.6463/6415 Low Aug 27 / Low Aug 21 / 22 and a bear trigger
- SUP 4: 0.6373 Low Jun 23
The AUDUSD uptrend remains intact and the latest pullback is considered corrective - for now. However, the pair has breached support at the 50-day EMA, at 0.6551. A clear break of this average signals scope for a deeper retracement and exposes 0.6527 (pierced), a Fibonacci retracement. For bulls, a reversal higher would refocus attention on 0.6707, the Sep 17 high. Initial firm resistance to watch is 0.6628, the Sep 24 high.
EURJPY TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 176.00 Round number resistance
- RES 2: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 1: 175.05 High Sep 26
- PRICE: 174.95 @ 19:02 BST Sep 26
- SUP 1: 173.53/172.24 20- and 50-day EMA
- SUP 2: 170.97 Low Aug 14
- SUP 3: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 4: 168.46 Low Jul 1
The trend set-up in EURJPY is unchanged, it remains bullish and the cross traded to a fresh cycle high last week. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode too, highlighting a dominant uptrend. Sights are on 175.43, the Jul 11 ‘24 high and a key M/T resistance. On the downside, first support to watch lies at 173.53, the 20-day EMA.
USDJPY TECHS: Bull Cycle Still In Play
- RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 151.21 High Mar 28
- RES 2: 150.92 High Aug 1 and a key resistance
- RES 1: 149.96 High Sep 26
- PRICE: 149.52 @ 18:56 BST Sep 26
- SUP 1: 148.38/147.47 High Sep 22 / 50-day EMA
- SUP 2: 146.77 Low Sep 18
- SUP 3: 145.49 Low Sep 17 and a pivot support
- SUP 4: 144.23 Low Jul 7
USDJPY traded higher last week as the pair extended the recovery that started Sep 17. A bullish candle pattern on Sep 17 - a hammer - provided an early reversal signal and remains valid. Also, moving average studies remain in a bull-mode condition, highlighting a dominant uptrend. 149.14, the Sep 3 high, has been cleared. Sights are on 150.92, the Aug 1 high and key resistance. Pivot support is 145.49, Sep 17 low.
