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Bull Rally Remains In Place

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: 132.78 High Oct 15
  • PRICE: 132.53 @ 15:59 BST Oct 18
  • SUP 1: 131.81/27 Low Oct 15 / Low Oct 14
  • SUP 2: 130.75 Sep 3 high
  • SUP 3: 129.93 50-day EMA
  • SUP 4: 129.28 Low Oct 11

EURJPY closed last week's session on a firm note. The reversal higher from 128.33, Oct 6 low has reinstated a near-term bullish theme and the cross has cleared 130.75, Sep 3 high and a recent 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 133.68 next, the Jun 15 high. Initial firm support is at 130.75.

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

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