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Cracks Support

EURJPY TECHS
  • RES 4: 153.62 1.618 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 3: 152.81 1.50 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 2: 152.00 1.382 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 1: 151.61 High May 2 and the bull trigger
  • PRICE: 147.47 @ 16:46 BST May 4
  • SUP 1: 147.13 Low May 4
  • SUP 2: 147.07 1.0% 10-dma envelope
  • SUP 3: 146.92 Low Apr 28
  • SUP 4: 146.29 Low Apr 25 and a key short-term support

EURJPY corrected lower again Thursday, taking out support at 148.62 to reverse the entirety of last week’s late rally. This has opened a sizeable gap with the recent 151.61 high, and has erased the short-term bullish outlook. This shifts sights to the Apr28 low at 146.92 ahead of key short-term support at 146.29, the Apr 25 low, where a break is required to signal a short-term reversal. Over the medium-term, the trend condition remains bullish following recent gains. 151.00 has been cleared, the 1.236 projection of the Mar 20 - 21 - Apr 6 price swing and this opens 152.00 next, the 1.382 projection. Initial firm support lies at 148.62, the Apr 25 high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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