SILVER TECHS: Holding On To Its Latest Gains
- RES 4: $36.000 - Round number resistance
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.590 - High Mar 28
- RES 1: $33.685 - Intraday high
- PRICE: $33.401 @ 07:56 BST Apr 25
- SUP 1: $32.087 - Low Apr 17
- SUP 2: $30.577/28.351 - Low Apr 10 / 7 and the bear trigger
- SUP 3: $27.686 - Low Sep 6 ‘24
- SUP 4: $27.180 - Low Aug 14 ‘24
A strong rally in Silver Wednesday reinforces the current bullish theme and the metal is holding on to its latest gains. Price has cleared $33.117, the 76.4% retracement of the Mar 28 - Apr 7 bear leg. This paves the way for a climb towards $34.590, the Mar 28 high. On the downside, initial firm support to watch has been defined at $32.087, the Apr 17 low. A break of this level would undermine the bull cycle and highlight a potential reversal.
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USDJPY TECHS: Monitoring Key Resistance
RES 4: 154.80 High Dec 12 ‘24 and a key resistance
- RES 3: 152.70 50.0% retracement of the Jan 10 - Mar 11 bear leg
- RES 2: 151.30 High Mar 3
- RES 1: 150.96 50-day EMA and a key short-term resistance
- PRICE: 150.45 @ 06:59 GMT Mar 26
- SUP 1: 148.18/146.54 Low Mar 20 / 11 and the bear trigger
- SUP 2: 147.57 1.0% 10-dma envelope
- SUP 3: 145.00 Round number support
- SUP 4: 144.13 76.4% retracement of the 16 ‘24 - Jan 10 bull leg
USDJPY continues to trade closer to its recent highs. The primary trend direction is down and recent gains are considered corrective. Resistance to watch is 150.96, the 50-day EMA. A clear break of this EMA would signal scope for a stronger rally. For bears, a resumption of weakness would refocus sights on key support and the bear trigger at 146.54, the Mar 11 low. Clearance of this level would resume the downtrend.
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