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Bullish Conditions Remain Intact

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: 130.69 High Apr 7 and the bull trigger
  • PRICE: 130.32 @ 16:43 BST Apr 16
  • SUP 1: 129.57/13 Low Apr 8 / Low Mar 30
  • SUP 2: 129.05/06 Trendline drawn off Oct 30 low / 50-day EMA
  • SUP 3: 128.29 Low Mar 24
  • SUP 4: 127.50 Low Feb 22

EURJPY remains in consolidation mode. The cross has defined an initial support at 129.57, Apr 8 low and note, the 20-day EMA has also recently provided support. A clear break of this average would suggest scope for a deeper pullback and expose the 50-day EMA at 129.05 and trendline support at 129.06, drawn off the Oct 30, 2020 low. While this support zone holds, the uptrend remains intact. The trigger for a resumption of gains remains 130.69.

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