EURJPY TECHS: Monitoring Support At The 50-Day EMA
- 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: 173.92/175.13 High Oct 1 / High Sep 29 and the bull trigger
- PRICE: 173.07 @ 07:16 BST Oct 3
- SUP 1: 172.27 Low Oct 2
- 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 in EURJPY is unchanged, it remains bullish and this week’s pullback is considered corrective. The cross has pierced the 50-day EMA, at 172.47. A clear break of this average would signal scope for a deeper retracement and open 170.97, the Aug 14 low. MA studies remain in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on 175.13, the Sep 29 high and bull trigger.
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EURJPY TECHS: Sights Are On The Bull Trigger
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.41/97 High Sep 2 / High Jul 28 and the bull trigger
- PRICE: 172.93 @ 07:15 BST Sep 3
- SUP 1: 170.83 50-day EMA
- SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
The trend structure in EURJPY remains bullish and sights are on the key resistance and bull trigger at 173.97, the Jul 28 high. Clearance of this level would confirm a continuation of the bull cycle. Note that moving average studies are in a bull-mode position too, highlighting a primary uptrend. A break of 173.97 would open 174.86, a Fibonacci projection. Key support to watch lies at the 50-day EMA at 170.83.
USDJPY TECHS: Pierces Resistance
- RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 150.92 High Aug 1 and a key resistance
- RES 2: 149.81 76.4% retracement of the Aug 1 - 14 bear leg
- RES 1: 148.94/149.12 High Sep 2 / 61.8% of Aug 1 - 14 bear leg
- PRICE: 148.62 @ 07:09 BST Sep 3
- SUP 1: 147.12/146.21 50-day EMA / Low Aug 14 and bear trigger
- SUP 2: 145.86 Low Jul 24
- SUP 3: 145.40 50% retracement of the Apr - Aug upleg
- SUP 4: 145.19 Trendline drawn from the Apr 22 low
USDJPY traded higher Tuesday. For now, the pair remains inside its range and resistance to watch is 148.78, the Aug 22 high. It has been pierced, a clear break of it would highlight a range breakout and a stronger bullish theme. This would also undermine the recent bear threat, and open 149.12, a Fibonacci retracement. The bear trigger lies at 146.21, Aug 14 low. Clearance of this level would resume a downtrend that started in August.
BTP TECHS: (U5) Range Breakout
- RES 4: 122.35 2.500 proj of the May 14 - 20 - 21 price swing
- RES 3: 122.00 Round number resistance
- RES 2: 121.73 High Jun 13 and the bull trigger
- RES 1: 120.52 50-day EMA
- PRICE: 119.40 @ Close Sep 3
- SUP 1: 119.30 Low Sep 2
- SUP 2: 118.87 Low May 21
- SUP 3: 118.51 Low May 14 and key support
- SUP 4: 118.24 1.618 proj of the Jun 13 - Jul 25 - Aug 5 price swing
The primary trend condition in BTP futures is unchanged and the direction remains up. However, for now, a bear cycle is in play. The move down this week reinforces current short-term conditions. The contract has traded through a key support at 119.59, the Jul 25 low. The clear break of this level highlights a range breakout and reinforces a bear cycle. This opens 118.87, the May 21 low. Initial firm resistance is at 120.52, the 50-day EMA.
