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Corrective Pullback

  • RES 4: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 130.73 1.0% 10-dma Envelope
  • RES 2: 129.98 High Feb 25 and the bull trigger
  • RES 1: 129.52 High Feb 26
  • PRICE: 128.48 @ 06:26 GMT Mar 2
  • SUP 1: 128.22 Low Mar 1
  • SUP 2: 127.75 20-day EMA
  • SUP 3: 127.31 Low Feb 17
  • SUP 4: 127.04 Low Feb 15

EURJPY is unchanged and maintains its underlying bullish tone despite pulling back from last week's Feb 25 high of 129.98. From a short-term perspective, trend conditions have recently entered overbought territory signalling scope for a corrective pullback. If this occurs, a move lower would open 127.75, the 20-day EMA. For bulls, clearance of 129.98 resumes the uptrend and would 131.22, a Fibonacci projection.

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