SWEDEN: Soft Seasonally Adjusted CPIF-ex energy Print in August

• 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: 173.97 High Jul 28 and the bull trigger 
• PRICE: 172.23 @ 08:11 BST Aug 12
• SUP 1: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
• SUP 2: 169.71 50-day EMA
• SUP 3: 168.46 Low Jul 1  
• SUP 4: 167.46 Low Jun 23   

A bullish trend condition in EURJPY remains intact and for now the recent move down is considered corrective. Key support to watch lies at the 50-day EMA at 169.62. A clear break of the EMA is required to highlight a stronger short-term bearish threat. Moving average studies remain in a bull-mode position highlighting an uptrend. A break of the Jul 28 high of 173.97, would resume the bull cycle.  

• RES 4: 152.31 High Feb 19 
• RES 3: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg 
• RES 2: 151.21 High Mar 28 
• RES 1: 150.92 High Aug 1 
• PRICE: 148.31 @ 08:09 BST Aug 12
• SUP 1: 146.75 50-day EMA
• SUP 2: 146.63 1.0% 10-dma envelope
• SUP 3: 146.62 Low Aug 5
• SUP 4: 145.86 Low Jul 24  

USDJPY consolidated for much of last week, holding the bulk of the NFP losses. Price has bounced, but recoveries are shallow at this stage. This has allowed a previously overbought condition to unwind, and keeps the downside argument in focus. Prices are trading either side of the 147.59 20-day EMA, and the inability to build a base here will be a concern. A clear break of this support zone would undermine the recent bull theme. A break of last week’s 150.92 high would resume the uptrend.     

• RES 4: 0.8835 High May 3 2023  
• RES 3: 0.8800 Round number resistance
• RES 2: 0.8781 2.236 pro of the Mar 3 - 11 - 28 price swing
• RES 1: 0.8735/8769 High Aug 3 / High Jul 27 and the bull trigger 
• PRICE: 0.8639 @ 08:04 BST Aug 12
• SUP 1: 0.8612 50-day EMA 
• SUP 2: 0.8611 Low Jul 31 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8508 Low Jun 27

EUR/GBP corrected lower Thursday on the BoE rate decision, which sent prices through the weekly low. Despite the intraday weakness, support to watch remains out of reach for now at the 0.8612 50-day EMA. A clear break of it would strengthen a bear threat. More broadly, the trend set-up is bullish. Moving average studies remain in a bull-mode position highlighting a clear uptrend. Key resistance and the bull trigger is at 0.8769, the Jul 27 high.