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Cracks Resistance At The 20-day EMA

EURJPY TECHS
  • RES 4: 167.53 Low Jun 14
  • RES 3: 166.41 50-day EMA
  • RES 2: 164.12 200 DMA
  • RES 1: 163.89 High Aug 15
  • PRICE: 163.64 @ 07:03 BST Aug 16
  • SUP 1: 159.79 Low Aug 12
  • SUP 2: 157.30/154.42 Low Aug 6 / 5 and the bear trigger
  • SUP 3: 153.87 Low Dec 14 ‘23
  • SUP 4: 153.23 Low Dec 7 ‘23 and a key support

The outlook in EURJPY is overall bearish, however, a corrective cycle remains in play and the cross is holding on to its recent gains. Note that the latest move higher is allowing an oversold condition to unwind. The cross has taken out firm resistance at the 163.61, the 20-day EMA. A continuation higher would expose the 50-day EMA, at 166.41. For bears, a reversal lower would signal the end of the correction and open 154.42, the Aug 5 low.

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