BTP TECHS: (M5) Trend Needle Points North
- RES 4: 122.00 Round number resistance
- RES 3: 121.93 76.4% of the Dec 5 ‘24 - Mar 14 bear leg (cont)
- RES 2: 121.43 1.618 proj of the Mar 14 - Apr 4 - 9 price swing
- RES 1: 121.00 High Feb 7 (cont) and a key resistance
- PRICE: 120.77 @ Close May 28
- SUP 1: 120.01 20-day EMA
- SUP 2: 119.45/00 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 this week’s gains reinforce current conditions. Key resistance and the bull trigger at 120.72, the May 8 high, has been breached. This confirms a resumption of the uptrend and opens the 121.00 handle next. Key support to watch lies at 119.45, the 50-day EMA. A clear break of the average would signal scope for a deeper retracement, and open 118.76 initially, the Apr 15 low.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
USDJPY TECHS: Resistance Remains Intact
- RES 4: 147.05 50-day EMA
- RES 3: 146.54 Low Mar 11
- RES 2: 144.24 20-day EMA
- RES 1: 144.03 High Apr 25
- PRICE: 142.46 @ 07:00 BST Apr 29
- SUP 1: 141.49 Low Apr 23
- SUP 2: 139.79 1.382 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 3: 138.82 1.500 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 4: 138.07 Low Jul 28 ‘23
The recovery that started Apr 22 in USDJPY is considered corrective. Resistance to watch is 144.24, the 20-day EMA. A clear break of this level would signal scope for a stronger recovery. Resistance at the 50-day EMA, is at 147.05. Moving average studies are in a bear-mode position highlighting a dominant downtrend. A resumption of the trend would open 139.79 next, a Fibonacci projection.
MNI: SWEDEN MAR RETAIL SALES +3.6% Y/Y
- MNI: SWEDEN MAR RETAIL SALES +3.6% Y/Y
MNI: SWEDEN FLASH Q1 GDP +1.1% Y/Y
- MNI: SWEDEN FLASH Q1 GDP +1.1% Y/Y
