EURJPY TECHS: Northbound
- RES 4: 173.84 2.0% 10-dma envelope
- RES 3: 173.05 3.0% Upper Bollinger Band
- RES 2: 172.71 1.00 proj of the May 3 - 15 - 16 price swing
- RES 1: 172.38 Intraday high
- PRICE: 172.09 @ 07:11 BST Jun 28
- SUP 1: 170.14 20-day EMA
- SUP 2: 169.01/167.53 Trendline from the Dec 7 ‘23 low / Low Jun 14
- SUP 3: 167.33 Low May 16
- SUP 4: 165.64 Low May 7
The EURJPY trend structure is unchanged and remains bullish. This week’s gains have resulted in a print above key resistance and the bull trigger at 171.56, the Apr 29 high. The price appreciation confirms a resumption of the uptrend and sights are set on 172.71, a Fibonacci projection. Initial firm support lies at 170.14, the 20-day EMA. Key trendline support, drawn from the Dec 7 ‘23 low, is at 169.01.
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BTP TECHS: (M4) Support Remains Intact For Now
- RES 4: 120.28 High Mar 14 and the bull rally
- RES 3: 119.55 High Mar 27
- RES 2: 119.10 High Apr 10 and a key near-term resistance
- RES 1: 118.21/119.00 High May 21 / 16
- PRICE: 117.23 @ Close May 28
- SUP 1: 116.93/30 Low May 24 / Low Apr 26
- SUP 2: 115.76 Low Apr 25 and the bear trigger
- SUP 3: 115.70 Low Dec 8 ‘23 (cont)
- SUP 4: 114.74 1.236 proj of the Dec 27 - Feb 22 - Mar 14 price swing
BTP futures traded higher on May 15 and breached 118.61, the May 6 high. However, the contract has pulled back from its recent highs and this has exposed support at 116.94, the May 15 low. It was pierced last Friday, a clear break of it would be a bearish development. For bulls, key short-term resistance is at 119.10, the Apr 10 high. Clearance of this hurdle would strengthen a bullish theme and open key resistance at 120.28, Mar 14 high.
FINLAND AUCTION PREVIEW: RFTBs on offer next week
Finland will look to sell up to E2bln combined of the following RFTBs at its Tuesday 4 June auction:
- the 8-month Feb 13, 2025 RFTB
- the new 11-month May 13, 2025 RFTB
MNI: SWEDEN APR RETAIL SALES +0.5% Y/Y
- MNI: SWEDEN APR RETAIL SALES +0.5% Y/Y
