BOBL TECHS: (U5) Tops First Resistance

• RES 4: 173..43 High Jul 12 ‘24 
• RES 3: 172.92 High Jul 16 ‘24 
• RES 2: 172.38 1.500 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 1: 171.88 High Jul 19 ‘24
• PRICE: 171.55 @ 07:17 BST Jul 08 
• SUP 1: 169.77  Low Jul 07 
• SUP 2: 168.37 20-day EMA 
• SUP 3: 167.13 Low Jun 20   
• SUP 4: 166.04 50-day EMA   

A bull cycle in EURJPY remains intact and the cross has again traded higher, today. Fresh cycle highs confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Note that moving average studies remain in a bull-mode position, highlighting a dominant medium-term uptrend. Sights are on 172.38 next, a Fibonacci projection. Support to watch lies at 168.37, the 20-day EMA.

• 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: 120.81 @ Close Jul 7
• 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 phases of weakness appear 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.

• RES 4: 148.65 High May 12 and a reversal trigger 
• RES 3: 148.03 High Jun 23 
• RES 2: 146.77 76.4% retracement of the Jun 23 - Jul 1 bear leg 
• RES 1: 146.45 Intraday high 
• PRICE: 146.14 @ 07:03 BST Jul 8
• SUP 1: 144.23/142.68 Low Jul 7 / 1   
• SUP 2: 142.12 Low May 27 and a key short-term support 
• SUP 3: 141.96 76.4% retracement of the Apr 22 - May 12 upleg
• SUP 4: 141.49 Low Apr 23    

USDJPY traded higher Monday. The recovery has resulted in a breach of the 50-day EMA, at 144.95, and the daily close above the EMA highlights a stronger reversal. 146.19, the Jun 24 high, has been pierced. An extension would open 146.77 next, a Fibonacci retracement. Note that moving average studies are in a bear-mode position, signalling a dominant medium-term downtrend. First support to watch lies at 144.23, the Jun 7 low.