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Corrective Pullback Extends

EURJPY TECHS
  • RES 4: 152.81 1.50 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 3: 152.00 1.382 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 2: 151.61 High May 2 and the bull trigger
  • RES 1: 149.25/150.39 High May 4 / 3
  • PRICE: 148.76 @ 07:17 BST May 8
  • SUP 1: 147.13 Low May 4
  • SUP 2: 146.92 Low Apr 28
  • SUP 3: 146.29 Low Apr 25 and a key short-term support
  • SUP 4: 145.71 50-day EMA

Last week’s sell-off in EURJPY resulted in a print below the 20-day EMA (at 147.61). A continuation lower and a clear break of the EMA would expose key support at 146.29, the Apr 25 low, ahead of the 50-day EMA which intersects at 145.71. The move lower is considered corrective - trend signals continue to highlight an uptrend. Key resistance has been defined at 151.61, the May 2 high. Initial resistance is seen at 149.25, the May 4 high.

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