EURGBP TECHS: Monitoring Resistance At The 50-day EMA

USD/JPY moves below 140.00 for the first time since September, with the greenback under pressure as U.S. policy uncertainty remains elevated (President Trump’s critique of Fed Chair Powell and ongoing trade war/reallocation headwinds provide the major sources of pressure).

• The pair hits a low of 139.93, with next support located at the 1.382 projection of the Feb 12-Mar 11-Mar 28 price swing (139.79).
• The bearish technical theme has deepened.

• RES 4: 1.3550 High Feb 24 ‘22  
• RES 3: 1.3500 Round number resistance  
• RES 2: 1.3434 High Sep 26 ‘24 and a key resistance
• RES 1: 1.3422 High Apr 22
• PRICE: 1.3410 @ 06:23 BST Apr 22
• SUP 1: 1.3260/3207 Low Apr 21 / High Apr 3 1 
• SUP 2: 1.3075 20-day EMA
• SUP 3: 1.2907 50-day EMA 
• SUP 4: 1.2807 Low Apr 10 

The trend direction in GBPUSD remains up and Monday’s rally reinforces current conditions. The pair has recently breached key resistance at 1.3207, the Apr 3 high and a bull trigger. This highlights a resumption of the medium-term uptrend. Note that moving average studies are in a bull-mode position, signalling a dominant uptrend. Sights are on 1.3434 next, the Sep 26 ‘24 high. Support to watch is 1.3075, the 20-day EMA.