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Bullish Theme, Despite Week’s Weakness


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Finds Resistance

  • RES 4: 126.46 High Sep 10
  • RES 3: 125.77 High Sep 15
  • RES 2: 124.43 Low Sep 9 and a recent breakout level
  • RES 1: 124.25 High Sep 30 and the near-term bull trigger
  • PRICE: 123.19 @ 10:56 BST Oct 2
  • SUP 1: 123.03 Low Sep 29 and intraday low
  • SUP 2: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 3: 121.82 Low Jul 15 and 16
  • SUP 4: 121.14 76.4% retracement of the Jun 22 - Sep 1 rally

EURJPY finds resistance and is under pressure today. The outlook is bearish. Recent weakness has seen a key support at 124.43 cleared, Sep 9 low and the 50-day EMA breached. Note, the cross has this week tested resistance around the 50- and 20-day EMAs and failed to clear the averages, reinforcing a bearish theme. A clear break would signal a reversal. The focus is on 122.28 next, 61.8% of the Jun 22 - Sep 1 rally.

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