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Eases Off Highs

EURJPY TECHS
  • RES 4: 171.56 High Apr 29 and the bull trigger
  • RES 3: 170.10 2.0% 10-dma envelope
  • RES 2: 169.78 76.4% retracement of the Apr 29 - May 3 retracement
  • RES 1: 169.40 High May 14
  • PRICE: 168.62 @ 16:09 BST May 15
  • SUP 1: 166.61 20-day EMA
  • SUP 2: 165.53 Trendline support drawn from the Dec 7 ‘23 low
  • SUP 3: 164.97 50-day EMA
  • SUP 4: 164.02 Low May 3

Following the solid multi-week bounce off the 50-dma, EURJPY faded off highs Wednesday as US CPI helped underpin a JPY recovery. Despite the corrective pullback, the M/T trend structure remains bullish and a break of 171.56, Apr 29 high, would confirm a resumption of the bull cycle. Initial resistance is 169.78, a Fibonacci retracement. On the downside, first support to watch lies at 166.61, the 20-day EMA. Key trendline support drawn from the Dec 7 ‘23 low, lies at 165.53. A clear break of this line would highlight a stronger reversal.

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