EURJPY TECHS: Trading Above Support
- RES 4: 165.97 2.0% 10-dma envelope
- RES 3: 165.43 High Nov 8
- RES 2: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 1: 164.63 High Mar 18 and the bull trigger
- PRICE: 163.58 @ 17:04 GMT May 8
- SUP 1: 161.73/60 50-day EMA / Low May 6
- SUP 2: 160.99 Low Apr 22
- SUP 3: 159.48 Low Apr 9
- SUP 4: 158.56 61.8% retracement of the Feb 28 - May 2 bull leg
A bullish theme in EURJPY and recent weakness is considered corrective. A print earlier this month above key resistance at 164.19, the Mar 18 high, is a positive development for bulls. A clear break of this hurdle would confirm a resumption of the upleg that started Feb 28. This would open 164.90 next, the Dec 30 ‘24 high. First key support to watch is 161.73, the 50-day EMA. It has been pierced, a clear break would undermine the bullish theme.
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EURJPY TECHS: Strong Bounce Reinforces A Bullish Theme
- 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.
USDJPY TECHS: Gains Considered Corrective
- 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.
US TSY FUTURES: Curve Steepening Hits New Highs
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:
