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Bullish Despite Pullback

EURJPY TECHS
  • RES 4: 132.06 76.4% of the Mar 2018 - May 2020 downtrend
  • 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: 130.67 High Mar 18
  • PRICE: 129.67 @ 17:06 GMT Mar 19
  • SUP 1: 129.32 Low Mar 19
  • SUP 2: 128.78 Low Mar 8 and key near-term support
  • SUP 3: 128.19 Low Mar 2
  • SUP 4: 128.00 50-day EMA

EURJPY maintains a bullish tone despite the move lower across the Thursday / Friday sessions. The breach on Mar 12 of 129.98, the bull trigger and the Feb 25 high confirms a resumption of the uptrend and sets the scene for a climb towards 131.22, a Fibonacci projection. Moving average conditions continue to point north, reinforcing the current trend direction. Support is at 129.49, Mar 16 low. A break of this level would alter the near-term outlook.

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