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EURJPY TECHS: Sell-Off Extends, Shrugs Off Oversold Condition

EURJPY TECHS
  • RES 4: 176.03 1.618 proj of the May 3 - 15 - 16 price swing
  • RES 3: 175.43 High Jul 11 and the bull trigger 
  • RES 2: 173.92 61.8% retracement of the Jul 11 - 12 sell-off  
  • RES 1: 172.92 High Jul 16 
  • PRICE: 166.65 @ 15:43 BST Jul 25
  • SUP 1: 164.83 Low Jul 25
  • SUP 2: 164.33 50% retracement for Dec - Jul upleg
  • SUP 4: 164.02 Low May 3
  • SUP 4: 162.28 Low Apr 12

The sharp sell-off in EURJPY persists, with further supports cracking on the way lower in the cross Thursday. The next leg of this strong reversal phase will depend on momentum for another leg lower, initially targeting 164.50 before 164.33 - the 50% retracement for the upleg posted off the December 2023 low. Key resistance is well off spot now, with the 50-dma the next relevant upside level at 170.76.

Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegion

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