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Bullish Outlook

EURJPY TECHS
  • RES 4: 147.76 1.236 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 3: 145.64 High Sep 12 and the bull trigger
  • RES 2: 144.48 High Sep 14
  • RES 1: 143.89 High Oct 4
  • PRICE: 143.80 @ 15:27 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 gains extended into the Tuesday close, putting prices north of the 143.70 resistance - marking the 76.4% retracement for the Sep 12 - 26 downleg. This marks a resumption of the bull cycle that started on Sep 26 from 137.40. Recent weakness between Sep 12 - 26 appears to have been a correction and if correct, the latest recovery signals the end of that bear cycle. The cleared break of Fibonacci resistance opens key resistance at 145.64, Sep 12 high. Key support lies at 137.40.

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