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EURJPY TECHS: Impulsive Bear Wave

EURJPY TECHS
  • RES 4: 172.92 High Jul 16  
  • RES 3: 171.88 High Jul 19   
  • RES 2: 170.17 50-day EMA  
  • RES 1: 169.20 High Jul 24 
  • PRICE: 166.63 @ 16:13 BST Jul 29
  • SUP 1: 164.83 Low Jul 25
  • SUP 2: 164.33 50% retracement of the Dec 7 ‘23 - Jul 11 bull cycle 
  • SUP 4: 164.02 Low May 3
  • SUP 4: 163.02 Low Apr 19

The sharp sell-off in EURJPY last week reinforces the current 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 break of the 50-day EMA. This paves the way for an extension towards 164.33 next, a Fibonacci retracement. On the upside, a key short-term resistance is seen at 170.17, the 50-day EMA. Initial resistance is 169.20, the Jul 24 high. 

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