US TSYS: Tsys Hold Near Highs, New Record High for DJIA, Gold Record Decline

• RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing 
• RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
• RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 1: 174.50 High Sep 19 
• PRICE: 173.83 @ 20:30 BST Sep 19
• SUP 1: 172.92/171.75 20- and 50-day EMA
• SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
• SUP 3: 168.46 Low Jul 1  
• SUP 4: 167.46 Low Jun 23   

The trend set-up in EURJPY remains bullish and last Thursday’s gains reinforce current conditions. The cross breached resistance at 173.97, the Jul 28 high and a bull trigger. This confirms a resumption of the medium-term uptrend and maintains the price sequence of higher highs and higher lows. Sights are on 174.86, a Fibonacci projection. On the downside, first support to watch lies at 172.92, the 20-day EMA.

• RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
• RES 3: 150.92 High Aug 1 and a key resistance 
• RES 2: 149.64 76.4% retracement of the Aug 1 - Sep 17 bear leg 
• RES 1: 148.28/149.14 High Sep19 / High Sep 3  
• PRICE: 147.95 @ 20:15 BST Sep 19
• SUP 1: 145.49 Low Sep 17 and a pivot support 
• SUP 2: 145.40 50% retracement of the Apr - Aug upleg
• SUP 3: 144.10 61.8% retracement of the Apr - Aug upleg
• SUP 4: 143.45 Low Jul 3 

USDJPY recovered sharply from last Wednesday’s low. A bullish candle pattern on Tuesday - a hammer formation - provided an early reversal signal. On Wednesday, the pair breached a number of important short-term support levels, however, this has not confirmed a bearish threat. A continuation higher would open 149.14, the Sep 3 high. Pivot support is 145.49, the Sep 17 low.

• RES 4: 0.8800 Round number resistance   
• RES 3: 0.8769 High Jul 28 and the bull trigger
• RES 2: 0.8744 High Aug 7
• RES 1: 0.8729 High Sep 19   
• PRICE: 0.8722 @ 20:01 BST Sep 19
• SUP 1: 0.8643/8597 50-day EMA / Low Aug 14 and the bear trigger
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

Recent weakness in EURGBP has been corrective and last week’s recovery confirmed the end of the corrective phase. Support to watch lies at 0.8597, the Aug 14 low. Clearance of this level would cancel a bull theme and reinstate a recent bearish threat. For bulls, the resumption of gains opens 0.8744, the Aug 7 high. Key resistance and the bull trigger is at 0.8769, the Jul 28 high. First support is 0.8643, the 50-day EMA.