Dow approaches record high while EUR/JPY stays sidelined and natural gas prices recover

Wall Street rally nears record high

The Wall Street is trading in a four and a half month high whilst targeting its 45,054 January peak.

On the way there resistance may be encountered around the 19 February high at 44,636, the 14 February high at 44,769 and the 6 February peak at 44,966.

Support in case of a minor retracement takes place, comes in between the 12 February low at 44,105, the 3 March high at 44,044 and the 3 February low at 43,879.

Wall Street daily chart

​EUR/JPY sideways trades 

EUR/JPY's swift advance has taken it to ¥169.86, to within a whisker of its ¥169.99 mid-July 2024 low which remains in sight.

A rise above the ¥169.99 high would likely engage the 3 June 2024 peak at ¥170.89.

Minor support is seen at Tuesday's ¥168.47 low. Further down lies the previous Tuesday's ¥167.91 low and the mid-June ¥167.61 high.

While the next lower 19 June low at ¥166.04 holds, the medium-term uptrend remains intact.

EUR/JPY daily chart

​Natural gas futures stem their decline 

​The recent decline in US natural gas futures prices seems to have paused at Tuesday's 282.6 low from where prices are recovering.

A rise above Wednesday's high at 301.5 would put the 12 June high at 311.7 on the cards. Further up sits the early May high at 316.0 and Friday's peak at 319.4.

Immediate support below the 200-day simple moving average (SMA) at 294.7 can be spotted at last week's 292.7 low.

Natural gas daily chart