EURJPY TECHS: Support Remains Intact
- RES 4: 166.69 High Oct 31 2024 and a key resistance
- RES 3: 166.10 High Nov 6
- RES 2: 165.21/43 High May 13 and bull trigger / High Nov 8 2024
- RES 1: 164.26 High May 29
- PRICE: 163.35 @ 16:27 BST Jun 4
- SUP 1: 162.58/161.09 50-day EMA / Low May 23 and key support
- SUP 2: 160.99 Low Apr 22
- SUP 3: 160.01 50% Retracement Feb’25 - May’25 Upleg
- SUP 4: 159.48 Low Apr 9
A bullish theme in EURJPY remains intact. The latest recovery from the May 23 low, signals the end of the corrective pullback between May 13 - 23. If correct, the move higher also marks a resumption of the uptrend. Key short-term support lies at 161.09, the May 23 low, where a break is required to highlight a stronger reversal and suggest scope for a deeper correction. Sights are on 165.21, the May 13 high and bull trigger.
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US STOCKS: Late Equities Roundup: DJIA Continues To Outpace SPX & Nasdaq
- Stocks continue to inch higher late Monday, moderate gains in the DJIA outpacing weaker SPX eminis and Nasdaq indexes at the moment. Currently, the DJIA trades up 65.13 points (0.16%) at 41381.93, S&P E-Minis down 11 points (-0.19%) at 5698, Nasdaq down 42.7 points (-0.2%) at 17935.12.
- Industrials and Consumer Services sectors led gainers in the second half, mostly travel related shares supported the former: Delta Air Lines +3.44%, Cummins +2.38%, United Airlines +2.38% and Uber Technologies +2.21%.
- Interactive media and entertainment supported the Consumer Services sector: Charter Communications +3.17%, Take-Two Interactive +2.64%, Electronic Arts +2.56% and Live Nation Entertainment +2.09%.
- Conversely, oil and gas stocks continued to weigh on the Energy sector as crude remains weaker (WTI -1.16 at 57.13): APA -3.92%, Occidental Petroleum -3.52%, ConocoPhillips -2.99%, ONEOK Inc -2.50% and Exxon Mobil -2.38%.
- Consumer Discretionary sector weighed by Starbucks -2.80%, Chipotle Mexican Grill -2.33%, Mohawk Industries -2.03%, Tesla -1.54% and NIKE -1.42%.
- Latest earnings after the close include: Neurocrine Biosciences, Ford Motor, Mattel Inc, Clorox, Diamondback Energy, Coterra Energy, Vertex Pharmaceuticals, Celanese, Williams Cos, Realty Income, Hims & Hers Health and Palantir Technologies .
STIR: Jun'25 SOFR Put Condor Buy - Looking for More
- +15,000 SFRM5 95.68/95.75/95.81/95.87 put condors, 2.0 ref 95.78
USDJPY TECHS: Resistance At The 50-Day EMA Remains Intact
- RES 4: 149.28 High Apr 3
- RES 3: 148.27 High Apr 9
- RES 2: 146.60 50-day EMA
- RES 1: 145.92 High May 2
- PRICE: 143.88 @ 15:03 BST May 5
- SUP 1: 142.88/141.97 Low MAy 1 / Apr 29
- 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
Recent gains in USDJPY resulted in a move through the 20-day EMA, undermining the bear trend. However, price action remains below resistance at the 50-day EMA, at 146.60. A clear break of this average would highlight a possible reversal. For now, gains are considered corrective. Moving average studies remain in a bear-mode position highlighting a dominant downtrend. A resumption of the trend would open 139.79 next, a Fibonacci projection.
