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Corrective Cycle

EURJPY TECHS
  • RES 4: 166.97 1.50 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 3: 165.99 1.382 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 2: 164.77 1.236 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 1: 163.56/164.30 High Nov 20 / 16 and the bull trigger
  • PRICE: 161.70 @ 07:05 GMT Nov 21
  • SUP 1: 161.35 20-day EMA
  • SUP 2: 159.63 50-day EMA
  • SUP 3: 159.07 Low Nov 1 / 2
  • SUP 4: 157.70 Low Oct 30

The primary uptrend in EURJPY remains intact, however, the cross has entered a corrective cycle and this has resulted in a pullback from recent highs. The cross is approaching the 20-day EMA - at 161.35. A break of this average would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 159.63. On the upside, a resumption of gains would refocus attention on 164.30, the Nov 16 high. A break would resume the uptrend.

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