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Corrective Pullback

EURJPY TECHS
  • RES 4: 132.43 High Jul 1
  • RES 3: 131.77 61.8% retracement of the Jun - Aug sell-off
  • RES 2: 131.09/39 High Jul 13 / 1.0% 10-dma envelope
  • RES 1: 130.75 High Sep 3 and the bull trigger
  • PRICE: 129.76 @ 18:36 BST Sep 9
  • SUP 1: 129.67 Low Sep 9
  • SUP 2: 129.16 Low Aug 27
  • SUP 3: 128.60 Low Aug 24
  • SUP 4: 127.94 Low Aug 19 and the bear trigger

EURJPY outlook deteriorated Thursday, working further against the bullish outlook and turning the near-term outlook more neutral. The break of the 50-day EMA last week reinforced bullish conditions, but the price has now fallen back below, raising the focus on the downside. Key support and the bear trigger has been defined at 127.94, Aug 19 low. Initial support is 129.84.

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