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Corrective Bounce Extends

EURJPY TECHS
  • RES 4: 129.45 50-day EMA
  • RES 3: 128.63 20-day EMA
  • RES 2: 128.78 50% Retracement Feb - Mar Downleg
  • RES 1: 128.42 High Mar 9
  • PRICE: 128.30 @ 17:35 GMT Mar 9
  • SUP 1: 124.40/28 Low Mar 7 / 50.0% of the 2020 - 2021 bulls cycle
  • SUP 2: 123.45 1.618 proj of the Jan - Sep - Oct ‘21 price swing
  • SUP 3: 123.01 Low Nov 20 2020
  • SUP 4: 128.85 Low Nov 19 2020

The corrective bounce in EURJPY has extended, putting the cross within range of the 50% retracement for the Feb - Mar downleg. This level crosses at 128.78, and a recovery through here opens gains toward 129.00 and above. Nonetheless, a bearish theme could easily resume, with the focus on 124.28 next, 50.0% of the 2020 - 2021 bulls cycle. Short-term gains continue to look corrective for now.

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