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Corrective Pullback

EURJPY TECHS
  • RES 4: 149.46 1.382 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 3: 148.88 High Dec 9 2014
  • RES 2: 148.40/45 High Oct 21 and the bull trigger / High Dec 15 2014
  • RES 1: 147.75 High Oct 31
  • PRICE: 145.77 @ 06:51 GMT Nov 2
  • SUP 1: 145.37/143.80 20-day EMA / Low Oct 24 and key support
  • SUP 2: 143.18 50-day EMA
  • SUP 3: 141.78 Low Oct 13
  • SUP 4: 140.90 Low Oct 10

The EURJPY trend condition is bullish despite this week’s move lower. Support to watch lies at 143.80, Oct 24 low and a break would suggest scope for a deeper pullback. Key resistance is at 148.40, the Oct 21 high and a bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend and open 149.46, a Fibonacci retracement. MA studies are in a bull mode position highlighting an uptrend. Initial support is 145.37, the 20-day EMA.

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