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Corrective Cycle Still In Play

EURJPY TECHS
  • RES 4: 146.23 2.236 proj of the Aug 2- 10 - 16 price swing
  • RES 3: 145.64 High Sep 12 and the bull trigger
  • RES 2: 144.04 High Sep 20
  • RES 1: 140.27/141.08 High Sep 23 / 20-day EMA
  • PRICE: 139.32 @ 06:45 BST Sep 27
  • SUP 1: 137.40 Low Sep 26
  • SUP 2: 136.02 Low Aug 25
  • SUP 3: 135.52 Low Aug 24
  • SUP 4: 134.95 Low Aug 16 and a key support

A sharp reversal lower in EURJPY last week resulted in a break below the 50-day EMA and the cross remains below this average. At this stage, recent weakness is considered corrective, despite a deep retracement - technical trend signals continue to highlight a bull cycle. Price action is likely to remain volatile though and the daily close below the 50-day EMA has strengthened a bearish threat. Initial firm resistance to watch is 141.08, the 20-day EMA.

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  • RES 4: 146.23 2.236 proj of the Aug 2- 10 - 16 price swing
  • RES 3: 145.64 High Sep 12 and the bull trigger
  • RES 2: 144.04 High Sep 20
  • RES 1: 140.27/141.08 High Sep 23 / 20-day EMA
  • PRICE: 139.32 @ 06:45 BST Sep 27
  • SUP 1: 137.40 Low Sep 26
  • SUP 2: 136.02 Low Aug 25
  • SUP 3: 135.52 Low Aug 24
  • SUP 4: 134.95 Low Aug 16 and a key support

A sharp reversal lower in EURJPY last week resulted in a break below the 50-day EMA and the cross remains below this average. At this stage, recent weakness is considered corrective, despite a deep retracement - technical trend signals continue to highlight a bull cycle. Price action is likely to remain volatile though and the daily close below the 50-day EMA has strengthened a bearish threat. Initial firm resistance to watch is 141.08, the 20-day EMA.