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Approaching Trendline Support

EURJPY TECHS
  • RES 4: 167.17 2.0% 10-dma envelope
  • RES 3: 166.00 Round number resistance
  • RES 2: 165.35 High Mar 20 and the bull trigger
  • RES 1: 163.43/164.42 High Apr 1 / High Mar 27
  • PRICE: 163.20 @ 16:44 GMT Apr 02
  • SUP 1: 162.15 Trendline drawn from Dec 7 low
  • SUP 2: 162.04 50-day EMA
  • SUP 3: 161.07 Low Mar 15
  • SUP 4: 160.22 Low Mar 11

EURJPY remains in a short-term bear cycle and the cross is approaching a key short-term support at 162.15, a trendline drawn from the Dec 7 ‘23 low. For now, the move lower appears to be a correction, however, a clear break of the trendline would highlight a stronger short-term reversal. A clear breach of the trendline would also highlight a break of the 50-day EMA - at 162.04. Initial firm resistance is at 164.42, the Mar 27 high.

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