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Corrective Cycle

EURJPY TECHS
  • RES 4: 132.06 76.4% of the Mar 2018 - May 2020 downtrend
  • RES 3: 131.58 High Oct 4 2018
  • RES 2: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 1: 130.67 High Mar 18 and the bull trigger
  • PRICE: 128.89 @ 16:39 GMT Mar 23
  • SUP 1: 128.86 Low Mar 23
  • SUP 2: 128.78 Low Mar 8 and key near-term support
  • SUP 3: 128.19 Low Mar 2
  • SUP 4: 128.13 50-day EMA

EURJPY maintains a bullish tone despite the recent pullback that is likely a correction. The cross Monday traded below the 20-day EMA, a clear break would allow for a deeper pullback towards the 50-day EMA at 128.13. A trendline support drawn off the Oct 30, 2020 low intersects at 127.94. Key resistance and the bull trigger is at 130.67, Mar 18 high. A break would resume the underlying uptrend and open 131.22, a Fibonacci projection.

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