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Fades Off Highs

EURJPY TECHS
  • RES 4: 148.88 High Dec 9 2014
  • RES 3: 148.45 High Dec 15 2014
  • RES 2: 147.76 1.236 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 1: 147.26 High Oct 18
  • PRICE: 146.89 @ 16:06 BST Oct 19
  • SUP 1: 144.09 High Oct 5
  • SUP 2: 143.00/141.43 20-day EMA / 50-day EMA
  • SUP 3: 139.44/137.40 Low Sep 29 / 26 and key support
  • SUP 4: 136.02 Low Aug 25

EURJPY remains bullish despite Wednesday’s pullback after the contract extended gains into the Tuesday close. This week’s move has seen prices briefly top the Y147.00 handle. The recent break of 145.64, the Sep 12 high and bull trigger, confirmed a resumption of the broader uptrend that started in May 2020. This clears the way for a climb towards 147.76 next, a Fibonacci projection. Moving average studies are in a bull mode position, highlighting a broader uptrend. Initial support lies at 144.09, the Oct 5 high.

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