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Published: 20 April 2026,07:28
Chart The Market
EURJPY, H4:
The EURJPY pair has been trading in a superb bullish rally after gathering momentum and breaking decisively above the strong resistance line at the 184.65 mark, where a double-top price pattern had previously formed. The successful breach of this key level invalidated the bearish reversal structure and triggered a sustained advance to record highs.
The rally has recently encountered a technical pullback, a healthy development within any uptrend as the market digests sharp gains and resets momentum indicators. Importantly, the decline has seemingly halted as the pair approaches the uptrend support line—a dynamic level that has consistently provided a floor throughout the recent advance.
The uptrend support line now represents a critical technical juncture. A technical rebound from this level is anticipated, which would confirm that the pullback is merely a corrective pause within the broader bullish structure. Such a rebound would position the pair for another test of recent highs and potentially further record levels.
However, a decisive break below the uptrend support line would constitute a structural breakdown, invalidating the bullish trajectory and signaling a bearish tilt for the pair. Such a move would expose the next support targets near the 183.50-184.00 zone and the 182.00-182.50 region, representing the 38.2% and 50% Fibonacci retracement levels of the recent rally.
Resistance Levels: 187.90, 189.25
Support Levels: 186.25, 184.65
ETH, H4
Ethereum has suffered a sharp reversal after rallying to a three-month high at $2,464.57, with the cryptocurrency now breaking decisively below the critical short-term support level at $2,316.25. This breakdown represents a significant shift in market structure and signals a bearish trend reversal for the crypto.
The breach of the $2,316.25 support carries substantial technical weight, as this level had previously served as a reliable floor during the recent uptrend. The swift decline from the three-month high indicates that selling pressure has overwhelmed buying interest, with the reversal erasing a meaningful portion of the recent gains.
Momentum indicators strongly support the bearish interpretation. The Relative Strength Index has dipped below the 50-midpoint and is poised to break into oversold territory, reflecting a rapid deterioration in buying pressure. The Moving Average Convergence Divergence is crossing below its zero line, confirming that the bullish momentum that propelled the rally has vanished and that bearish momentum is taking hold. Both indicators align with the bearish bias suggested by the price action.
Resistance Levels:2378.00, 2675.00
Support Levels: 2132.05, 1825.80
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