USDJPY TECHS: Trend Needle Points South
- RES 4: 149.28 High Apr 3
- RES 3: 148.27 High Apr 9
- RES 2: 146.33 50-day EMA and key resistance
- RES 1: 145.92 High May 2
- PRICE: 143.40 @ 16:35 BST May 7
- SUP 1: 141.97 Low 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
The primary trend direction in USDJPY remains bearish and gains since Apr 22 appear corrective. Resistance at the 50-day EMA, at 146.33, remains intact. A clear break of this average would highlight a possible reversal. Moving average studies are in a bear-mode position and continue to highlight a dominant downtrend. A resumption of the trend would open 139.79 next, a Fibonacci projection. First key support to watch is 141.97, the Apr 29 low.
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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.
EURGBP TECHS: Clears Key Resistance
- 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.
EURGBP TECHS: Clears Key Resistance
- 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.
