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Approaching Key Resistance

EURJPY TECHS
  • RES 4: 160.66 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 3: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 2: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 1: 158.05 High Jul 21 and the bull trigger
  • PRICE: 157.53 @ 06:45 BST Aug 8
  • SUP 1: 155.54 Low Aug 3
  • SUP 2: 154.42 50-day EMA
  • SUP 3: 151.42 Low Jul 28 and key support
  • SUP 4: 150.16 38.2% retracement of the Jan 3 - Jul 21 bull cycle

Short-term conditions in EURJPY remain bullish and the cross is trading higher today, signalling the end of the most recent shallow correction. Attention is on key resistance at 158.05, the Jul 21 high and a bull trigger. Clearance of this level would confirm a continuation of the medium-term uptrend that would open 158.72, a Fibonacci projection. Key support is at 151.42, the Jul 28 low. Initial firm support is at 154.42, the 50-day EMA.

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