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Corrective Pullback

EURJPY TECHS
  • RES 4: 165.99 1.382 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 3: 164.77 1.236 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 2: 164.30 High Nov 16 and the bull trigger
  • RES 1: 163.72 High Nov 27
  • PRICE: 161.26 @ 16:32 GMT Nov 30
  • SUP 1: 160.60 Low Nov 30
  • SUP 2: 160.34 50-day EMA
  • SUP 3: 159.07 Low Nov 1 / 2
  • SUP 4: 157.70 Low Oct 30

The primary uptrend in EURJPY remains intact, however, a corrective cycle remains in play and the cross continues to trend lower. Price has pierced support at 161.25, the Nov 21 low. An extension would highlight potential for a deeper retracement towards the 50-day EMA, at 160.34. On the upside, a clearance of 164.30, the Nov 16 high, would confirm a resumption of the uptrend and open 164.77, a Fibonacci projection.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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