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Bull Rally Accelerates

EURJPY TECHS
  • RES 4: 134.40 2.382 proj of the Sep 22 - 29 - Oct 6 price swing
  • RES 3: 134.13 High Jun 1 and a key resistance
  • RES 2: 133.68 High Jun 15
  • RES 1: 132.67 76.4% retracement of the Jun - Sep downleg
  • PRICE: 132.43 @ 06:44 BST Oct 15
  • SUP 1: 131.27 Low Oct 14
  • SUP 2: 130.75/26 Sep 3 high / 50.0% of the Oct 11 range
  • SUP 3: 129.28 Low Oct 11
  • SUP 4: 128.33/31 Low Oct 6 / Low Sep 23

EURJPY continues to appreciate. The reversal higher from 128.33, Oct 6 low has reinstated a near-term bullish theme and the cross has recently cleared a key resistance at 130.75, Sep 3 high and a bull trigger. This has strengthened the case for bulls and the breach of a number of key short-term resistance points above 130.75 reinforces the current positive outlook. The focus is on 132.67 next, a Fibonacci projection. Initial firm support is at 130.75.

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