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MNI: SPAIN NOV MANUF PMI 53.1 (FCST 54.0); OCT 54.5

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Bearish Candle Pattern

EURJPY TECHS
  • RES 4: 132.36 1.382 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 131.58 High Oct 4, 2018
  • RES 2: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 1: 130.97 High Apr 20 and the bull trigger
  • PRICE: 129.93 @ 06:30 BST Apr 22
  • SUP 1: 129.57 Low Apr 8
  • SUP 2: 129.30/22 Trendline drawn off Oct 30 low / 50-day EMA
  • SUP 3: 128.29 Low Mar 24
  • SUP 4: 127.50 Low Feb 22

EURJPY rallied Tuesday, resulting in a high of 130.97 before fading back. In pattern terms, Tuesday is a shooting star candle and a potential reversal signal. Initial support is at 129.57, Apr 8 low. A clear break lower would expose the 50-day EMA at 129.22 and a trendline support at 129.30, drawn off the Oct 30, 2020 low. Clearance of this zone would signal a reversal and scope for a deeper pullback. The bull trigger is 130.97.

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