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Extends Bounce From Last Week’s Low

EURJPY TECHS
  • 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: 150.39 High May 3
  • RES 1: 149.27 High May 8
  • PRICE: 148.69 @ 15:54 BST May 17
  • SUP 1: 147.21 Low May 15
  • SUP 2: 146.22/13 50-day EMA / Low May 11
  • SUP 3: 145.67 High Mar 31
  • SUP 4: 145.02 2.0% 10-dma envelope

EURJPY support at the 50-day EMA, which intersects at 146.22, remains intact and the cross is trading higher again Wednesday as it extends the bounce from 146.13, the May 11 low. A continuation higher would open 149.27, the May 8 high. Key resistance is far off at 151.61, the May 2 high. On the downside, a clear break of the 50-day EMA is required to signal scope for a deeper pullback.

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