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Challenging The 50-Day EMA

EURJPY TECHS
  • RES 4: 134.37 3.0% Upper Bollinger Band
  • RES 3: 133.48/96 High Oct 20 and key resistance / 2.0% 10-dma env
  • RES 2: 133.15 High Feb 10 and key resistance
  • RES 1: 131.91 High Feb 16
  • PRICE: 130.68 @ 06:39 GMT Feb 21
  • SUP 1: 129.97 Intraday low
  • SUP 2: 129.41 76.4% retracement of the Jan 25 - Feb 10 rally
  • SUP 3: 129.19 Low Feb 3
  • SUP 4: 128.25 Low Jan 25 and a key short-term support

EURJPY touched a fresh low again overnight before recovering. The recent pullback is considered a correction and attention is on resistance at 131.91, the Feb 16 high and the more important 133.15 hurdle, Feb 10 high. Support at the 50-day EMA - at 130.29 - is being challenged. A meaningful break of this EMA would instead suggest scope for a deeper pullback towards 128.25, the Jan 25 low.

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