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EURJPY TECHS: Sights Are On The Bull Trigger
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 163.76/164.19 High Apr 25 / High Mar 18 and the bull trigger
- PRICE: 162.47 @ 16:50 GMT Apr 28
- SUP 1: 161.37/159.48 50-day EMA / Low Apr 9
- SUP 2: 158.30 Low Apr 7 and key support
- SUP 3: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle
- SUP 4: 155.60 Low Low Mar 4
The recent pullback in EURJPY appears corrective and the trend condition remains bullish. Last week’s gains reinforce this theme. Key S/T support lies at 158.30, the Apr 7 low. A break of it is required to signal scope for a deeper retracement. This would open 157.02, a Fibonacci retracement. First support to watch is 161.37, the 50-day EMA. Attention is on 164.19, the Mar 18 high and a bull trigger. Clearance of this hurdle would resume the uptrend.
USDJPY TECHS: Fades Off Resistance At The 20-Day EMA
- RES 4: 147.26 50-day EMA
- RES 3: 146.54 Low Mar 11
- RES 2: 144.47 20-day EMA
- RES 1: 144.03 High Apr 25
- PRICE: 142.66 @ 16:46 BST Apr 28
- SUP 1: 141.49 Low Apr 23
- SUP 2: 139.79 1.382 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 3: 138.82 1.500 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 4: 138.07 Low Jul 28 ‘23
Recent gains in USDJPY are considered corrective. Resistance to watch is 144.47, the 20-day EMA. A clear break of this level would signal scope for a stronger recovery. Resistance at the 50-day EMA, is at 147.26. Moving average studies are in a bear-mode position highlighting a dominant downtrend. A resumption of the trend would open 139.79 next, a Fibonacci projection.
US DATA: Manufacturing Prices Paid Picked Up Again In April (2/2)
Meanwhile the average of current Prices Paid indices across four regional Feds (Dallas, Kansas City, New York, Philadelphia - excludes Richmond which publishes a % change and not an index) hit a 33-month high (Jul 2022) in April.
- Three of the four in our index saw an increase in April vs March with the exception of KC which was unchanged, and notably Richmond prices paid hit the highest since January 2023.
- Current consensus is for ISM Manufacturing Prices Paid to rise to 73.0 in April from 69.4 prior, marking a fresh post-June 2022 high.
- The regional Fed readings suggest an increase in that category is certainly to be expected, and the magnitude seen in consensus in the low 70s doesn't appear to be far off.
