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Bullish Outlook

EURJPY TECHS
  • RES 4: 145.64 High Sep 12 and the bull trigger
  • RES 3: 144.48 High High Sep 14
  • RES 2: 143.70 76.4% retracement of the Sep 12 - 26 downleg
  • RES 1: 143.00 Round number resistance
  • PRICE: 142.44 @ 06:52 BST Oct 4
  • SUP 1: 141.10 20-day EMA
  • SUP 2: 139.44/137.40 Low Sep 29 / 26 and key support
  • SUP 3: 136.02 Low Aug 25
  • SUP 4: 135.52 Low Aug 24

EURJPY is holding on to its latest gains and maintains a bullish short-term tone as the cross extends the recovery from 137.40, the Sep 26 low. Recent weakness between Sep 12 - 26 appears to have been a correction and if correct, the latest recovery signals the end of that cycle. The focus is on 143.70, a Fibonacci retracement and a break would open the key resistance at 145.64, Sep 12 high. Key support lies at 137.40.

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