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Bulls Still In Control

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: 129.87 @ 06:41 BST Sep 30
  • SUP 1: 129.39 Low Sep 24
  • SUP 2: 127.94/93 Low Aug 19 / Low Sep 22 the bear trigger
  • SUP 3: 127.88 50.0% retracement of the Oct '20 - Jan rally
  • SUP 4: 127.50 Low Feb 22

EURJPY maintains a bullish tone. The cross traded sharply higher Sep 23 and bulls remain in control. The recent bounce follows a failure to clear support at 127.94, Aug 19 low. An extension would open key S/T resistance at 130.75, Sep 3 high and a bull trigger. Note that a double bottom reversal appears to be forming on the daily chart - the midpoint is 130.75. Price needs to clear 127.94/93 to resume a downtrend. Initial support is at 129.39.

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