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Falters Above 50-Day EMA

EURJPY TECHS
  • RES 4: 131.77 61.8% retracement of the Jun - Aug sell-off
  • RES 3: 131.09 High Jul 13
  • RES 2: 130.56 High Jul 29
  • RES 1: 129.96 50-day EMA
  • PRICE: 129.81 @ 16:29 BST Aug 31
  • SUP 1: 129.16 Low Aug 27
  • SUP 2: 128.60 Low Aug 24
  • SUP 3: 127.94 Low Aug 19 and the bear trigger
  • SUP 4: 127.88 38.2% retracement of the Oct '20 - Jun rally

EURJPY trend conditions remain bearish. From a short-term perspective the cross has gained, but faltered above the 50-day EMA at 129.96, which remains key resistance on the daily charts. A clear break of this average is required to suggest scope for a stronger recovery. On the downside, key support has been defined at 127.94, Aug 19 low and also represents the bear trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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