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EURJPY TECHS: Cracks 20-day EMA

EURJPY TECHS
  • RES 4: 167.53 Low Jun 14  
  • RES 3: 166.51 50-day EMA   
  • RES 2: 164.11 200 DMA      
  • RES 1: 163.73 High Aug 1
  • PRICE: 163.63 @ 16:50 BST Aug 15
  • SUP 1: 157.30/154.42 Low Aug 6 / 5 and the bear trigger
  • SUP 2: 153.87 Low Dec 14 ‘23 
  • SUP 3: 153.23 Low Dec 7 ‘23 and a key support 
  • SUP 4: 151.42 Low Jul 28 ‘23

The outlook in EURJPY is overall bearish, but this week’s rally confirms the trend is subject to corrective recoveries in the short-term. The latest recovery is going further to reverse the oversold condition - and has now taken out firm resistance at the 163.59 20-day EMA. The recent move down signals scope for an extension towards the next key support at 153.23, the Dec 7 ‘23 low. A break of this price point would strengthen a bearish theme. 

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