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Bullish Focus Fading

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: 130.49 High Mar 15
  • PRICE: 129.65 @ 16:26 GMT Mar 16
  • SUP 1: 129.23 Low Mar 11
  • SUP 2: 128.78 Low Mar 8 and key near-term support
  • SUP 3: 128.19 Low Mar 2
  • SUP 4: 127.75 50-day EMA

EURJPY last week breached 129.98, the bull trigger and the Feb 25 high. This 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 underlying bullish conditions. On the downside, support has been defined at 128.78, Mar 8 low. A break of this level is required to alter the picture.

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