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Corrective Pullback Extends

EURJPY TECHS
  • RES 4: 160.66 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.00 Psychological handle
  • RES 2: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 1: 159.49 High Aug 22
  • PRICE: 157.00 @ 16:36 BST Aug 23
  • SUP 1: 156.87/156.35 Low Aug 23 / Low Aug 8
  • SUP 2: 155.89 50-day EMA
  • SUP 3: 151.42 Low Jul 28 and key support
  • SUP 4: 150.92 Low Jun 14

The current EURJPY uptrend remains intact and the latest pullback is considered corrective. Key resistance at 158.05, Jul 21 high, has recently been cleared, confirming a resumption of the M/T uptrend. Sights are on 159.92, a Fibonacci projection ahead of the 160.00 psychological handle. Moving average studies are in a bull-mode condition, reflecting a rising trend. On the downside, the next support to watch is 155.89, the 50-day EMA.

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