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Bulls Return

EURJPY TECHS
  • RES 4: 131.76 61.8% retracement of the Jun - Sep downleg
  • RES 3: 131.09 High Jul 13
  • RES 2: 130.75 High Sep 3 bull trigger
  • RES 1: 130.48 High Sep 29
  • PRICE: 130.41 @ 06:40 BST Oct 11
  • SUP 1: 129.28 Intraday low
  • SUP 2: 128.33/31 Low Oct 6 / Low Sep 23
  • SUP 3: 127.94/93 Low Aug 19 / Low Sep 22 the bear trigger
  • SUP 4: 127.88 50.0% retracement of the Oct '20 - Jan rally

EURJPY is firmer and gains appear to be accelerating. The reversal higher from last week's low of 128.33, low Oct 6 has reinstated a near-term bullish focus as the cross trades within a broad range. Price is approaching resistance at 130.48, Sep 29 high where a break would open 130.75, the Sep 3 high and a bull trigger. Clearance of this level would strengthen the case for bulls. Initial support is at today's intraday low of 129.28.

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