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Finds Support Below The 20-Day EMA

EURJPY TECHS
  • RES 4: 149.49 1.382 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 3: 148.88 High Dec 9 2014
  • RES 2: 148.40/45 High Oct 21 / High Dec 15 2014
  • RES 1: 147.39 High Oct 24
  • PRICE: 147.11 @ 15:44 BST Oct 24
  • SUP 1: 143.80 Intraday low
  • SUP 2: 141.99 50-day EMA
  • SUP 3: 140.90 Low Oct 10
  • SUP 4: 139.44/137.40 Low Sep 29 / 26 and key support

EURJPY maintained a bullish tone into a new cycle high Friday, printing 148.40 before reversing sharply. This underpins the theme that while the broader outlook is bullish, sharp near-term reversals will still occur while the Japanese authorities warn of intervention. The cross has found strong support below 143.87, the 20-day EMA. Key support lies at 143.80, today’s low and 148.40 is the bull trigger.

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

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