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Approaching Key Resistance

  • RES 4: 148.45 High Dec 15 2014
  • RES 3: 147.76 1.236 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 2: 145.64 High Sep 12 and the bull trigger
  • RES 1: 145.13 High Sep 13
  • PRICE: 144.96 @ 06:34 BST Oct 17
  • SUP 1: 142.14/140.98 20-day EMA / 50-day EMA
  • SUP 2: 139.44/137.40 Low Sep 29 / 26 and key support
  • SUP 3: 136.02 Low Aug 25
  • SUP 4: 135.52 Low Aug 24

EURJPY has started the week on a firm note, extending its recovery from 140.90, Oct 10 high. The cross last week managed to remain above the 50-day EMA at 140.98 and this level marks a key support. Moving average studies highlight a broader uptrend and the continuation higher signals scope for further gains near-term. Sights are on 145.64, the Sep 12 high. On the downside, a clear break of the 50-day EMA would highlight a bearish threat.

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