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Corrective Pullback

  • RES 4: 145.57 High Mar a2 and a key resistance
  • RES 3: 144.96 High Mar 15
  • RES 2: 143.98 76.4% retracement of the recent Mar 2 - 20 bear cycle
  • RES 1: 142.56/143.63 50-day EMA / High Mar 22
  • PRICE: 141.80 @ 16:31 GMT Mar 27
  • SUP 1: 139.07 Low Mar 24
  • SUP 2: 138.83 Low Mar 20 and a bear trigger
  • SUP 3: 137.92 Low Jan 19
  • SUP 4: 137.66 3.0% 10-dma envelope

EURJPY gains last week stalled at 143.63, the Mar 22 high. This level represents a key short-term resistance where a break is required to reinstate a bullish theme. A continuation lower would expose key support at 138.83, the Mar 20 low and a bear trigger. Note that moving average studies remain in a bull mode set-up - this suggests the latest pullback is a correction. A break of 143.63 would open 143.98, 76.4% of the Mar 2 - 20 bear cycle.

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