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Approaching The 20-and 50-Day EMAs

EURJPY TECHS
  • RES 4: 140.07 High Jul 25
  • RES 3: 139.41 High Jul 28
  • RES 2: 138.56 50-day EMA
  • RES 1: 137.98 20-day EMA
  • PRICE: 137.43 @ 18:16 BST Aug 8
  • SUP 1: 135.65 Low Aug 4
  • SUP 2: 134.84/133.40 Low Aug 3 / 2 and a bear trigger
  • SUP 3: 132.66 Low May 12 and a key support
  • SUP 4: 131.99 61.8% retracement of the Mar 7 - Jun 28 bull leg

EURJPY is holding on to its most recent gains and has traded higher Monday. The recovery from 133.40, confirmed a hammer formation on Aug 2 and this pattern highlighted a reversal of the recent downleg. The subsequent recovery has opened 137.98 and 138.56, the 20- and 50-day EMA values and a key resistance zone. On the downside, a reversal lower and a breach of 133.40 would instead resume the bear cycle and open 132.66, May 12 low.

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