EURJPY TECHS: Bullish Outlook
- RES 4: 147.56 2.50 proj of the Aug 2- 10 - 16 price swing
- RES 3: 146.97 2.382 proj of the Aug 2- 10 - 16 price swing
- RES 2: 146.23 2.236 proj of the Aug 2- 10 - 16 price swing
- RES 1: 144.48/145.64 High Sep 14 / 9 and the bull trigger
- PRICE: 143.42 @ 17:31 BST Sep 20
- SUP 1: 142.30 Low Sep 14
- SUP 2: 141.50 20-day EMA
- SUP 3: 139.89 50-day EMA
- SUP 4: 138.69 Low Sep 5
EURJPY is trading below 145.64, the Sep 9 high. The outlook is bullish and the recent pullback is considered corrective. The break this month of 144.28, Jun 28 high and a major resistance, confirmed a resumption of the uptrend that started in March 2022. The focus is on 146.23, a Fibonacci projection. Initial firm support is seen at 141.50, the 20-day EMA. The 50-day EMA lies at 139.89 - a key support.
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EURJPY TECHS: Resistance At The 50-Day EMA Remains Intact
- RES 4: 139.78 Trendline resistance drawn from the Jun 28 high
- RES 3: 139.41 High Jul 28
- RES 2: 138.40 High Aug 10
- RES 1: 138.09 50-day EMA
- PRICE: 137.37 @ 17:25 BST Aug 19
- SUP 1: 136.27/134.95 Low Aug 17 / 16
- SUP 2: 133.40 Low Aug 2 and a bear trigger
- SUP 3: 132.66 Low May 12 and a key support
- SUP 4: 131.99 61.8% retracement of the Mar 7 - Jun 28 bull leg
Despite the climb last week, the short-term outlook in EURJPY remains bearish. Moving average studies highlight a downtrend and the 50-day EMA, at 138.09, marks a firm resistance. A resumption of weakness would open the 133.40 bear trigger. Clearance of resistance at the 50-day EMA would alter the picture and instead signal scope for a climb towards the 139.90 trendline resistance.
JGB TECHS: (U2) Corrective Pullback
- RES 3: 152.26 - High Dec 7 / 21 2021
- RES 2: 151.94 - 1.0% 10-dma envelope
- RES 1: 151.13 - High Mar 3
- PRICE: 149.82 @ 16:32 BST Aug 19
- SUP 1: 148.80 - Low Jul 11
- SUP 2: 147.07 - Low Jun 20
- SUP 3: 145.05 - Low Jun 16 and a key support
JGBs have traded lower, ending the recent consolidation. The trend remains bullish though and a pullback is likely a correction. The contract has pierced and closed above the 76.4% retracement of the 2022 downleg at 150.56. This put prices further above the 200-dma, and strengthens a bullish condition plus sets the scene for a continuation higher towards levels not seen since March, at 151.13. Support is at 148.80, Jul 11 low.
USDJPY TECHS: Still Climbing
- RES 4: 139.39 High Jul 14 and key resistance
- RES 3: 138.88 High Jul 21
- RES 2: 137.96 High Jul 22
- RES 1: 137.27 76.4% retracement of the Jul 14 - Aug 2 downleg
- PRICE: 136.91 @ 17:23 BST Aug 19
- SUP 1: 134.62/12 20- and 50-day EMA
- SUP 2: 132.56/31.74 Low Aug 15 / Low Aug 11
- SUP 3: 130.41/130.00 Low Aug 2 / Round number support
- SUP 4: 129.51 Low Jun 2
USDJPY extended its bull run Friday and ended the week on a firm note. The pair has traded above resistance at 135.58, Aug 8 high. This strengthens a short-term bullish condition and signals scope for a climb towards 137.27, a Fibonacci retracement. A breach of this level would signal scope for a continuation higher. On the downside, initial firm support is seen at the 50-day EMA which intersects at 134.12, the Aug 18 low.
