November 06, 2024 20:00 GMT
EURJPY TECHS: Trend Structure Remains Bullish
EURJPY TECHS
- 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: 165.63 @ 15:55 GMT Nov 6
- SUP 1: 164.26/163.16 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. Initial support to watch lies at 164.26, the 20-day EMA. Recent gains suggest scope for a climb towards 167.40, the 61.8% retracement of the Nov 11 - Aug 5 bear leg. Clearance of this level would strengthen a bullish theme and open 168.01, the Jul 26 high.
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