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Corrective Pullback Extends

EURJPY TECHS
  • RES 4: 134.40 2.382 proj of the Sep 22 - 29 - Oct 6 price swing
  • RES 3: 134.13 High Jun 1 and a key resistance
  • RES 2: 133.76 High Jun 10
  • RES 1: 132.92/133.48 High Oct 29 / High Oct 20
  • PRICE: 131.12 @ 19:23 GMT Nov 5
  • SUP 1: 130.84 Low Nov 5
  • SUP 2: 130.75 High Sep 3 and a recent breakout level
  • SUP 3: 129.28 Low Oct 11
  • SUP 4: 128.94 Low Oct 8

EURJPY traded lower again Friday. The cross has breached its 20-day EMA. The clear break of this EMA suggests scope for a deeper corrective pullback and exposes 130.75, Sep 3 high and a recent key breakout level. Note that 130.94 is where the 50-day EMA intersects - a key short-term support - and this EMA has been probed. Broader trend signals continue to point north however, the trigger for a resumption of gains is 133.48.

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