BTP TECHS: (U5) Pullback Appears Corrective
- 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: 120.60 @ Close Jul 2
- SUP 1: 120.09 Low Jun 23
- 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 short-term weakness appears corrective - for now. Gains in June 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 is unchanged at 118.51, the May 14 low. A clear break of this level would highlight a reversal. First support is 120.09, the Jun 23 low.
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BTP TECHS: (M5) Bullish Trend Sequence
- RES 4: 122.70 2.000 proj of the Mar 14 - Apr 4 - 9 price swing
- RES 3: 122.00 Round number resistance
- RES 2: 121.93 76.4% of the Dec 5 ‘24 - Mar 14 bear leg (cont)
- RES 1: 121.43 1.618 proj of the Mar 14 - Apr 4 - 9 price swing
- PRICE: 121.11 @ Close Jun 2
- SUP 1: 120.30 20-day EMA
- SUP 2: 119.64/00 50-day EMA / Low May 14
- SUP 3: 118.76/09 Low Apr 15 / 14
- SUP 4: 117.28 Low Apr 10
A bull cycle in BTP futures remains intact and recent gains reinforce current conditions. Key resistance and the bull trigger at 120.72, the May 8 high, has been cleared. This confirms a resumption of the uptrend and opens 121.43 next, a Fibonacci projection. Key support to watch lies at 119.64, the 50-day EMA. A clear break of the average would signal scope for a deeper retracement. First support lies at 120.30, the 20-day EMA.
MNI EXCLUSIVE: BoJ Focus On Takan
MNI discusses the BOJ's focus on the upcoming June Tankan report -- on MNI Policy MainWire now, for more details please contact sales@marketnews.com.
USDJPY TECHS: Support Remains Exposed
- RES 4: 150.49 High Apr 2
- RES 3: 149.28 High Apr 3
- RES 2: 147.67/148.65 High May 14 / 12 and a key resistance
- RES 1: 144.27/146.28 20-day EMA / May 29 high
- PRICE: 142.95 @ 06:59 BST Jun 3
- SUP 1: 142.12 Low May 27 and a key support
- SUP 2: 141.96 76.4% retracement of the Apr 22 - May 12 bull leg
- SUP 3: 139.89 Low Apr 22 and a bear trigger
- SUP 4: 138.82 1.50 proj of the Feb 12 - Mar 11 - 28 price swing
A bear cycle in USDJPY remains in play and recent weakness reinforces current conditions. A reversal price pattern on May 29 - a shooting star candle - signals the end of the correction between May 27 - 29. Key short-term resistance has been defined at 146.28, the May 29 high. Sights are on 142.12, the May 27 low. Clearance of this level would confirm a resumption of the bear leg and open 139.89, the Apr 22 low.
