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Corrective Pullback Extends

  • RES 4: 127.08 High Sep 1 and key resistance
  • RES 3: 126.46 High Sep 10
  • RES 2: 125.77 High Sep 15
  • RES 1: 124.43 Low Sep 9 and recent breakout level
  • PRICE: 123.53 @ 10:48 BST Sep 17
  • SUP 1: 123.32 Intraday low
  • SUP 2: 123.19 50.0% retracement of the Jun 22 - Sep 1 rally
  • SUP 3: 122.78 2.0% 10-dma envelope
  • SUP 4: 122.29 61.8% retracement of the Jun 22 - Sep 1 rally

Yesterday, EURJPY cleared key support at 124.43, Sep 9 low. Furthermore, the cross has also traded through the 50-day EMA and a continued erosion of this average would strengthen a bearish argument. The move lower signals scope for a deeper pullback towards 123.19, 50.0% of the Jun 22 - Sep 1 rally and 122.84, July 24 low. Initial resistance is seen at 124.43, the recent break out level.

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