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Bulls Remains In The Driver’s Seat

  • RES 4: 160.66 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.00 Psychological handle
  • RES 2: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 1: 159.36 Intraday high
  • PRICE: 159.06 @ 06:58 BST Aug 17
  • SUP 1: 157.30/156.35 20-day EMA / Low Aug 8
  • SUP 2: 155.42 50-day EMA
  • SUP 3: 151.42 Low Jul 28 and key support
  • SUP 4: 150.16 38.2% retracement of the Jan 3 - Jul 21 bull cycle

EURJPY continues to trade at its recent highs. Key resistance at 158.05, the Jul 21 high, has recently been breached. This confirms a continuation of the medium-term uptrend and opens 159.92, a Fibonacci projection ahead of the 160.00 psychological handle. Moving average studies are in a bull-mode condition, reflecting a rising trend. Initial firm support is 157.30, the 20-day EMA.

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