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Bearish Engulfing Candle?

EURJPY TECHS
  • RES 4: 151.00 1.236 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 3: 150.00 Round number resistance
  • RES 2: 149.39 1.00 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 1: 148.62 High Apr 25 and the bull trigger
  • PRICE: 147.24 @ 15:49 BST Apr 26
  • SUP 1: 146.29 Low Apr 25
  • SUP 2: 145.93 20-day EMA
  • SUP 3: 144.88 Low Apr 11
  • SUP 4: 144.47 50-day EMA

EURJPY initially traded higher Tuesday before reversing course. The recent uptrend remains intact for now and cross continues to trade above the 20-day EMA which intersects at 145.93. A clear break of this average would be seen as a short-term bearish development. Note too that Tuesday’s sell-off does appear to be a bearish engulfing candle - a potential warning to bulls. Key resistance and the bull trigger is 148.62, Tuesday’s high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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