EURJPY TECHS: Trendline Support Remains Exposed
- RES 4: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
- RES 3: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
- RES 2: 157.12/158.00 High Jul 6 / High Jun 28 and the bull trigger
- RES 1: 155.67 High Jul 11
- PRICE: 154.51 @ 06:50 BST Jul 13
- SUP 1: 153.33 Trendline support drawn from the Mar 24 low
- SUP 2: 152.68 50-day EMA
- SUP 3: 151.61 Low Jun 15
- SUP 4: 151.07 High May 29
The current bear cycle in EURJPY remains in play and the cross traded lower Wednesday. Sights are on a trendline support at 153.33 and 152.68, the 50-day EMA. The trendline is drawn from the Mar 24 low. A break of the 153.33-152.68 support zone would strengthen bearish conditions and pave the way for a continuation lower. Initial resistance is seen at 155.67, Tuesday’s high.
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USDJPY TECHS: Key Resistance At The Channel Top Remains Intact
- RES 4: 142.51 61.8% of the Oct 16 2022 - Jan 16 bear leg
- RES 3: 142.25 High Nov 21 2022
- RES 2: 141.61 High Nov 23 2022
- RES 1: 140.45/141.30 High Jun 5 / Bull channel top from Jan 16 low
- PRICE: 139.45 @ 06:49 BST Jun 13
- SUP 1: 138.80/45 20-day EMA / Low Jun 1
- SUP 2: 137.43 Low May 19
- SUP 3: 137.00 50-day EMA
- SUP 4: 136.31 Low May 17
USDJPY is unchanged. The trend condition remains bullish and attention is on key resistance at the top of a bull channel drawn from the Jan 16 low. The line intersects at 141.30 today. A clear break of this hurdle would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. For bears, a strong reversal lower would instead highlight a potential top and signal scope for a deeper pullback inside the channel. Support is at 138.80, the 20-day EMA.
BTP TECHS: (U3) Clears Resistance
- RES 4: 118.18 High Feb 2 (cont)
- RES 3: 117.33 0.764 projection of May 26 - Jun 2 - Jun 8 price swing
- RES 2: 117.00 Round number resistance
- RES 1: 116.86 High Jun 12
- PRICE: 116.44 @ Close Jun 13
- SUP 1: 114.97 Low Jun 9
- SUP 2: 113.83 Low Jun 8 and key short-term support
- SUP 3: 112.48 Low May 29
- SUP 4: 111.78 Low May 26 and a key support
BTP futures traded higher Monday and in process, the contract cleared resistance at 116.36, Jun 2 high and short-term bull trigger. This cancels a recent bearish threat and instead confirms a resumption of the uptrend and signal scope for a climb towards the 117.00 handle. On the downside, key short-term support has been defined at 113.83, the Jun 8 low. A break would be bearish.
EURGBP TECHS: Primary Trend Direction Remains Down
- RES 4: 0.8768 High May 5
- RES 3: 0.8719 High May 23
- RES 2: 0.8701 50-day EMA
- RES 1: 0.8637 20-day EMA
- PRICE: 0.8610 @ 06:40 BST Jun 13
- SUP 1: 0.8541 Low Jun 9 / 12 low
- SUP 2: 0.8522 Low Aug 30 2022
- SUP 3: 0.8512/8499 1.0% 10-dma env / 3.0% Lower Bollinger Band
- SUP 4: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle
EURGBP has recovered from its recent 0.8541 low. The primary trend direction remains down and short-term gains are considered corrective with initial resistance at 0.8637, the 20-day EMA. Moving average studies remain in a bear-mode condition, highlighting a downtrend and recent fresh lows have reinforced bearish conditions. A move lower and a break of 0.8541, the Jun 9 and 12 low, would confirm a resumption of the trend.
