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Approaching Key Resistance Zone

EURJPY TECHS
  • RES 4: 141.06 High Jun 4 2015 and a key resistance
  • RES 3: 140.87 0.50 proj of the Mar 7 - 28 - Apr 5 price swing
  • RES 2: 138.32/140.00 High May 9 / High Apr 21 and the bull trigger
  • RES 1: 137.98 Intraday high
  • PRICE: 137.46 @ 06:54 BST May 31
  • SUP 1: 135.33/133.93 50-day EMA / Low May 19
  • SUP 2: 132.93/66 100-dma / Low May 12 and the bear trigger
  • SUP 3: 132.20 50% retracement of the Mar 7 - Apr 21 bull phase
  • SUP 4: 131.59 Low Mar 22

EURJPY traded higher Monday, narrowing the gap with first resistance at 138.32 / 140.00 - High May 9 / High Apr 21. The latter is the bull trigger. Key support has been defined at 132.66, the May 12 low. The recovery from this low threatened a recent bearish theme. If the cross clears the 138.83-140.00 zone, this would strengthen bullish conditions and represent an important bullish price event. Initial support is at 135.33, the 50-day EMA.

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