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Approaching The 50-Day EMA

EURJPY TECHS
  • RES 4: 131.09 High Jul 13
  • RES 3: 130.56 High Jul 29
  • RES 2: 130.04 50-day EMA
  • RES 1: 129.71 High AUg 16
  • PRICE: 129.49 @ 20:59 BST Aug 25
  • SUP 1: 127.94 Low Aug 19
  • SUP 2: 127.88 38.2% retracement of the Oct '20 - Jun rally
  • SUP 3: 127.31 Low Feb 17
  • SUP 4: 126.44 Low Feb 9

EURJPY trend conditions remain bearish. From a short-term perspective though the cross continues to trade higher as the current correction extends. Further gains would open 129.71, Aug 16 high ahead of 130.04, the 50-day EMA. A clear break of the 50-day EMA is required to suggest scope for a stronger recovery. On the downside, key support has been defined at 127.94, Aug 19 low. A break would resume the downtrend.

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