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Bullish Rebound Extends

EURJPY TECHS
  • RES 4: 146.73 High Dec 15 and a key resistance
  • RES 3: 145.80 76.4% retracement of the Oct 21 - Jan 3 bear leg
  • RES 2: 145.57 High Mar 2 and a bull trigger
  • RES 1: 145.10 High Mar 10
  • PRICE: 144.56 @ 07:01 GMT Mar 15
  • SUP 1: 144.03/142.95 Intraday low / 50-day EMA
  • SUP 2: 141.37 Low Mar 13 and key short-term support
  • SUP 3: 140.14/11 Low Feb 13 / 3.0% 10-dma envelope
  • SUP 4: 139.56 Low Feb 10

The recent pullback in EURJPY appears to be a correction and the strong rebound from Monday’s low of 141.37 signals the end of the correction. A continuation higher would expose resistance and the bull trigger at 145.57, the Mar 2 high. Clearance of this hurdle would resume the recent uptrend and open 145.80, a Fibonacci retracement and 146.73, the Dec 15 high. On the downside, a break of support at 141.37 would reinstate a bearish threat.

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