EURJPY TECHS: Trading Above Support

• RES 4: 165.43 High Nov 8        
• RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance   
• RES 2: 164.55 High Jan 7
• RES 1: 162.37/164.19 High Apr 7 / High Mar 18 and the bull trigger 
• PRICE: 160.37 @ 16:31 GMT Apr 8 
• SUP 1: 158.30 Low Apr 7   
• SUP 2: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle  
• SUP 3: 155.60 Low Low Mar 4  
• SUP 4: 154.80 Low Low Feb 28  

EURJPY is trading in a volatile manner. The latest pullback still appears corrective, and the strong rally off Monday’s low reinforces this theme. Key short-term support has been defined at 158.30, Monday’s low. A break of this level is required to signal scope for a deeper retracement. For bulls, the cross has traded through the 20-day EMA. A continuation higher would expose 164.19, the Mar 18 high and the bull trigger.

• RES 4: 151.30 High Mar 3   
• RES 3: 150.33/151.21 50-day EMA / High Mar 28 and reversal trigger 
• RES 2: 149.00 20-day EMA
• RES 1: 148.18 Low Mar 20 
• PRICE: 146.99 @ 16:30 BST Apr 8
• SUP 1: 144.56 Low Apr 4  
• SUP 2: 144.13 76.4% retracement of the Sep 16 ‘24 - Jan 10 bull leg
• SUP 3: 143.43 Low Oct 2 ‘24
• SUP 4: 142.95 1.00 proj of the Feb 12 - Mar 11 - 28 price swing

USDJPY maintains a bearish tone following last week’s sharp sell-off and the latest recovery is - for now - considered corrective. A resumption of the downtrend and a break of Friday’s 144.56 low would signal scope for an extension towards 144.13, a Fibonacci retracement point. Initial firm resistance to watch is 149.00, the 20-day EMA. Resistance at the 50-day EMA, is at 150.33.

Short end support gains traction in late trade, heavy volumes as curves twist steeper: 2s10s +10.26 at 51.71 -- steepest level since mid-February 2022: