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EURJPY TECHS: Bear Cycle Extends

EURJPY TECHS
  • RES 4: 171.09 High Jul 23
  • RES 3: 169.55 50-day EMA   
  • RES 2: 168.01 High Jul 26      
  • RES 1: 164.83 Low Jul 25 
  • PRICE: 161.88 @ 16:16 BST Aug 1
  • SUP 1: 160.89 Low Aug 1
  • SUP 2: 160.22 Low Mar 11  
  • SUP 3: 158.92 Low Feb 7 
  • SUP 4: 158.47 76.4% retracement of the Dec 7 ‘23 - Jul 11 bull cycle

The sharp sell-off in EURJPY this week, reinforces a bearish theme. The move down since Jul 11 has resulted in the break of a trendline drawn from Dec 7 low last year, and a breach of the 50-day EMA. Moving average studies are also highlighting a bear cross. This signals scope for an extension towards 160.22, the Mar 11 low. On the upside, a key short-term resistance is seen at 168.01, Jul 26 high. Initial resistance is 164.83, Jul 25 low. 

Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegion

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