BRENT TECHS: (U5) Bear Threat Remains Present

• RES 4: 150.49 High Apr 2   
• RES 3: 149.28 High Apr 3
• RES 2: 148.65 High May 12 and a reversal trigger
• RES 1: 146.19/148.03 Intraday high / High Jun 23  
• PRICE: 145.19 @ 07:20 BST Jun 24
• SUP 1: 144.80 20-day EMA 
• SUP 2: 144.34 Low Jun 18  
• SUP 3: 142.80 Low Jun 13   
• SUP 4: 142.12 Low May 27 and a key short-term support   

USDJPY has reversed lower from Monday’s high. This undermines a recent bullish theme and yesterday’s price pattern appears to be a shooting star candle formation. If correct, it signals a reversal of the recent bull cycle. Support to watch lies at 144.80, the 20-day EMA. A clear break of this level would strengthen a bearish threat. On the upside, a move above Monday’s high of 148.03 would reinstate a bullish theme.

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• RES 4: 122.71 2.764proj of the May 14 - 20 - 21 price swing
• RES 3: 122.35 2.500 proj of the May 14 - 20 - 21 price swing 
• RES 2: 122.00 Round number resistance
• RES 1: 121.73 High Jun 13 and the bull trigger 
• PRICE: 120.86 @ Close Jun 23 
• SUP 1: 119.91 Low May 29      
• SUP 2: 119.48 Low May 26 
• SUP 3: 118.87 Low May 21  
• SUP 4: 118.51 Low May 14 and key support 

The trend condition in BTP futures is unchanged, it remains bullish and the latest pullback appears corrective. Recent gains reinforce a bull theme and maintain the price sequence of higher highs and higher lows. Sights are on the 122.00 handle next. Key support to watch lies at 118.51, the May 14 low. A clear break of this level would highlight a reversal. First support is 119.91, the May 29 low.