EURJPY TECHS: Trend Structure Remains Bullish

• RES 4: $76.82 - 2.382 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $75.43 - High Jun 23 and a bull trigger
• RES 2: $69.87/71.20 - High Sep 26 and key resistance / High Jul 30 
• RES 1: $66.78 - High Oct 24 
• PRICE: $64.68 @ 07:07 GMT Oct 29
• SUP 1: $63.86/60.07 - Low Oct 24 / 20 and the bear trigger  
• SUP 2: $58.50 - Low May 5
• SUP 3: $57.88 - Low Apr 9 and a key support
• SUP 4: $55.91 - 2.00 proj of the Jul 30 - Aug 13 - Sep 26 price swing 

A short-term corrective bull cycle in Brent futures remains intact for now. The contract has traded through the 50-day EMA, at $65.14. Clearance of this hurdle signals scope for a stronger recovery. Note that resistance at $66.58, the Oct 9 high, has been pierced. A clear breach of this level would expose key resistance at $69.87, the Sep 26 high. Key support and the bear trigger has been defined at $60.07, the Oct 20 low.

• RES 4: 123.14 1.764 proj of the Sep 3 - 11 - 25 price swing
• RES 3: 122.81 1.618 proj of the Sep 3 - 11 - 25 price swing
• RES 2: 122.53 1.500 proj of the Sep 3 - 11 - 25 price swing
• RES 1: 121.94 High Oct 17 / 24 and the bull trigger  
• PRICE: 121.35 @ Close Oct 28
• SUP 1: 120.74 High Aug 5 and a recent breakout level          
• SUP 2: 120.43 50-day EMA 
• SUP 3: 119.48 Low Oct 7 
• SUP 4: 119.07 Low Sep 25t

Bullish trend conditions in BTP futures remain intact short-term weakness is - for now - considered corrective. Recent gains resulted in a break of key resistance at 120.74, the Aug 5 high and a bull trigger. The breach also highlights a range breakout. The bull trigger is 121.94, the Oct 17 / 24 high.  Initial firm support to watch is 120.74, the Aug 5 high. Note that the contract is overbought, a deeper pullback would allow this condition to unwind.

• RES 4: 94.24 1.618 proj of the Sep 3 - 11 - 26 price swing  
• RES 3: 94.00 Round number resistance        
• RES 2: 93.95 1.500 proj of the Sep 3 - 11 - 26 price swing
• RES 1: 93.96 High Oct 28   
• PRICE: 93.74 @ Close Oct 29
• SUP 1: 93.15 Low Oct 27       
• SUP 2: 92.41 20-day EMA 
• SUP 3: 91.80 50-day EMA
• SUP 4: 91.60 Low Oct 14    

A bull cycle in Gilt futures remains intact and yesterday’s fresh cycle high reinforces current conditions. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are the 94.00 handle next. A break of this level would pave the way for an extension towards 94.24, a Fibonacci projection The contract is overbought, a pullback would allow this condition to unwind. Firm support to watch 92.41, the 20-day EMA.