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Corrective Bounce

EURJPY TECHS
  • RES 4: 143.31 20-day EMA
  • RES 3: 142.84 50-day EMA
  • RES 2: 142.15 Low Feb 24
  • RES 1: 142.01 High Mar 16
  • PRICE: 141.00 @ 16:42 GMT Mar 17
  • SUP 1: 139.13 Low Mar 16 and bear trigger
  • SUP 2: 139.06 Low Jan 20
  • SUP 3: 137.92 Low Jan 19
  • SUP 4: 137.39 Low Jan 3 and a key support

EURJPY traded lower Thursday but the cross has recovered from the session low. Short-term gains are considered corrective and this week’s move signals scope for a continuation of the bear cycle. A resumption of weakness would pave the way for a move towards the 138.00 handle. The short-term bear trigger lies at 139.13, the Mar 16 low. Initial firm resistance is seen at 142.15, the Feb 24 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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