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EURJPY TECHS: Short-Term Bull Cycle Still In Play

  • RES 4: 152.00 1.382 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 3: 151.61 High May 2 and the bull trigger
  • RES 2: 150.32 76.4% retracement of the May 2 - 11 bear leg
  • RES 1: 149.45 High May 18
  • PRICE: 148.98 @ 06:45 BST May 19
  • SUP 1: 148.00 20-day EMA
  • SUP 2: 146.46/13 50-day EMA / Low May 11
  • SUP 3: 145.67 High Mar 31
  • SUP 4: 145.22 2.0% 10-dma envelope

EURJPY has traded higher this week as the cross extended the bounce from 146.13, the May 11 low. Support at the 50-day EMA, which intersects at 146.46, remains intact and marks a key support. A continuation higher would signal scope for a climb towards 150.32 next, a Fibonacci retracement. On the downside, a clear break of the 50-day EMA is required to signal a resumption of bearish activity. Initial support lies at 148.00, the 20-day EMA.

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