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Consolidation Mode

EURJPY TECHS
  • RES 4: 139.00 High Aug 21 2015 and a key resistance
  • RES 3: 138.62 High Aug 25 2015
  • RES 2: 137.50/53 High Feb 2 ‘18 and major resistance / High Mar 28
  • RES 1: 135.88 High Apr 1
  • PRICE: 134.65 @ 06:45 BST Apr 8
  • SUP 1: 133.94 Low Mar 28
  • SUP 2: 133.45 20-day EMA
  • SUP 3: 131.74 50-day EMA
  • SUP 4: 130.72 Low Mar 17

EURJPY is consolidating. The recent pullback is still considered corrective and the move lower is allowing an overbought condition to unwind. Support to watch is 133.94, Mar 28 low, a break would open the 20-day EMA at 133.31. The primary trend remains up. The cross traded to a fresh cycle high on Mar 28 following a break of key resistance at 134.13, Jun 1 2021 high, on Mar 24. This strengthened bullish conditions. The bull trigger is 137.50/53.

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