USDJPY TECHS: Trend Needle Points South

• RES 4: 151.30 High Mar 3   
• RES 3: 150.43/151.21 50-day EMA / High Mar 28 and reversal trigger 
• RES 2: 149.12 20-day EMA
• RES 1: 148.18 Low Mar 20 
• PRICE: 147.73 @ 16:50 BST Apr 7
• 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 softer tone following last week’s sharp sell-off and is trading just ahead of its recent lows. 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 149.12, the 20-day EMA. Short-term gains would - for now - be considered corrective.     

• RES 4: 0.8628 1.500 proj of the Mar 3 - 11 - 28 price swing      
• RES 3: 0.8604 1.382 proj of the Mar 3 - 11 - 28 price swing  
• RES 2: 0.8593 High Aug 14 ‘24
• RES 1: 0.8580 High Apr 7
• PRICE: 0.8571 @ 16:49 BST Apr 7 
• SUP 1: 0.8432/0.8380 Low Apr 4 / 20-day EMA 
• SUP 2: 0.8316 Low Mar 28 and a key near-term support
• SUP 3: 0.8299 Low Mar 5   
• SUP 4: 0.8251 Low Mar 4

EURGBP maintains a bullish tone. The latest rally has resulted in a break of key resistance at 0.8474, the Jan 20 high. Clearance of this hurdle highlights an important technical breach and strengthens a bullish condition. Sights are 0.8593 next, the Aug 14 ‘24 high. On the downside, firm support lies at 0.8380, the 20-day EMA. The contract is overbought, a pullback would allow this condition to unwind.      

• RES 4: 0.8628 1.500 proj of the Mar 3 - 11 - 28 price swing      
• RES 3: 0.8604 1.382 proj of the Mar 3 - 11 - 28 price swing  
• RES 2: 0.8593 High Aug 14 ‘24
• RES 1: 0.8580 High Apr 7
• PRICE: 0.8571 @ 16:49 BST Apr 7 
• SUP 1: 0.8432/0.8380 Low Apr 4 / 20-day EMA 
• SUP 2: 0.8316 Low Mar 28 and a key near-term support
• SUP 3: 0.8299 Low Mar 5   
• SUP 4: 0.8251 Low Mar 4

EURGBP maintains a bullish tone. The latest rally has resulted in a break of key resistance at 0.8474, the Jan 20 high. Clearance of this hurdle highlights an important technical breach and strengthens a bullish condition. Sights are 0.8593 next, the Aug 14 ‘24 high. On the downside, firm support lies at 0.8380, the 20-day EMA. The contract is overbought, a pullback would allow this condition to unwind.