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Corrective Pullback Extends

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: 144.60 @ 15:49 GMT Nov 3
  • SUP 1: 143.80 Low Oct 24 and key support
  • SUP 2: 143.26 50-day EMA
  • SUP 3: 141.78 Low Oct 13
  • SUP 4: 140.90 Low Oct 10

EURJPY maintains this week’s softer tone and price has traded below the 20-day EMA. The outlook is bullish and key support to watch lies at 143.80, Oct 24 low. A break would suggest scope for a deeper pullback. Key resistance is unchanged at 148.40, the Oct 21 high. 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.

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

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