EURJPY TECHS: Trend Needle Points North
- RES 4: 172.46 2.0% 10-dma envelope
- RES 3: 171.56 High Apr 29 and the bull trigger
- RES 2: 170.65 0.618 proj of the May 3 - 15 - 16 price swing
- RES 1: 170.32 High May 23
- PRICE: 169.78 @ 07:15 BST May 24
- SUP 1: 168.01 20-day EMA
- SUP 2: 166.29 Trendline support drawn from the Dec 7 ‘23 low
- SUP 3: 166.04 50-day EMA
- SUP 4: 164.02 Low May 3
EURJPY maintains a firmer short-term tone and is holding on to its latest gains. The medium-term trend structure is bullish and sights are on 171.56, the Apr 29 high and key resistance. Initial supportlies at the 20-day EMA, at 168.01, and remains intact. Key trendline support drawn from the Dec 7 ‘23 low, is at 166.29. A clear breach of this line would instead highlight a stronger reversal and initially expose support at the 50-day EMA, at 166.04.
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EQUITIES: Huge late Block in Options
- SX7E (21st June) 4000/3950ps traded 0.3 and 0.5 in 125k.
- SX5E (21st June) 4300/4250ps traded 0.5, 0.7 and 1.1 in 100k.
- SX7E (21st June) 145c, traded 2.40 in 55k.
EQUITY TECHS: E-MINI S&P TECHS: (M4) Approaching Resistance
- RES 4: 5285.00/5333.50 High Apr 10 / 1 and the bull trigger
- RES 3: 5213.25 High Apr 15
- RES 2: 5148.79 20-day EMA
- RES 1: 5136.32 50-day EMA
- PRICE: 5127.50 @ 06:54 BST Apr 24
- SUP 1: 4963.50 Low Apr 19
- SUP 2: 4907.57 50.0% retracement of the Oct 27 ‘23 - Apr 1 bull leg
- SUP 3: 4863.75 Low Jan 19
- SUP 4: 4799.50 Low Jan 17
The short-term trend condition in S&P E-Minis remains bearish and the latest recovery appears - for now - to be a correction. Last Friday’s bearish extension reinforced current short-term conditions. The contract has recently cleared 50-day EMA, signalling scope for a continuation lower. Sights are on 4907.57 next, a Fibonacci retracement. Firm resistance is 5153.25, the 20-day EMA. A clear break of the average would signal a possible reversal.
