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EURJPY TECHS: Bull Flag

EURJPY TECHS
Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 169.20 High Jul 24     
  • RES 3: 168.01 High Jul 26 
  • RES 2: 167.40 61.8% retracement of the Nov 11 - Aug 5 bear leg 
  • RES 1: 166.69 High Oct 31 
  • PRICE: 165.48 @ 07:00 GMT Nov 7
  • SUP 1: 164.42/163.27 20-and 50-day EMA values   
  • SUP 2: 161.85/161.01 Low Oct 17 / Low Oct 4
  • SUP 3: 158.11 Low Sep 30 
  • SUP 4: 157.05/155.15 Low Sep 18 / 16

The EURJPY trend set-up is unchanged. A bullish theme remains intact and the contract continues to trade closer to its recent highs. The latest pause appears to be a flag formation - a bullish continuation signal. Initial support to watch lies at 164.42, the 20-day EMA. Recent gains suggest scope for a climb towards 167.40, a Fibonacci retracement. Clearance of this level would strengthen the uptrend and open 168.01, the Jul 26 high.

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  • RES 4: 169.20 High Jul 24     
  • RES 3: 168.01 High Jul 26 
  • RES 2: 167.40 61.8% retracement of the Nov 11 - Aug 5 bear leg 
  • RES 1: 166.69 High Oct 31 
  • PRICE: 165.48 @ 07:00 GMT Nov 7
  • SUP 1: 164.42/163.27 20-and 50-day EMA values   
  • SUP 2: 161.85/161.01 Low Oct 17 / Low Oct 4
  • SUP 3: 158.11 Low Sep 30 
  • SUP 4: 157.05/155.15 Low Sep 18 / 16

The EURJPY trend set-up is unchanged. A bullish theme remains intact and the contract continues to trade closer to its recent highs. The latest pause appears to be a flag formation - a bullish continuation signal. Initial support to watch lies at 164.42, the 20-day EMA. Recent gains suggest scope for a climb towards 167.40, a Fibonacci retracement. Clearance of this level would strengthen the uptrend and open 168.01, the Jul 26 high.