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Firm Resistance Is Seen At The 50-Day EMA

EURJPY TECHS
  • RES 4: 140.01 Trendline resistance drawn from the Jun 28 high
  • RES 3: 139.41 High Jul 28
  • RES 2: 138.13/40 50-day EMA / High Aug 10
  • RES 1: 137.88 High Aug 17
  • PRICE: 137.43 @ 06:42 BST Aug 18
  • SUP 1: 136.27/134.95 Low Aug 17 / 16
  • SUP 2: 133.40 Low Aug 2 and a bear trigger
  • SUP 3: 132.66 Low May 12 and a key support
  • SUP 4: 131.99 61.8% retracement of the Mar 7 - Jun 28 bull leg

EURJPY traded higher again Wednesday. Despite the climb this week, the short-term outlook remains bearish. Moving average studies highlight a downtrend and the 50-day EMA, at 138.13, marks a firm resistance. A resumption of weakness would open the 133.40 bear trigger. Clearance of resistance at the 50-day EMA would alter the picture and instead signal scope for a climb towards the 140.01 trendline resistance.

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  • RES 4: 140.01 Trendline resistance drawn from the Jun 28 high
  • RES 3: 139.41 High Jul 28
  • RES 2: 138.13/40 50-day EMA / High Aug 10
  • RES 1: 137.88 High Aug 17
  • PRICE: 137.43 @ 06:42 BST Aug 18
  • SUP 1: 136.27/134.95 Low Aug 17 / 16
  • SUP 2: 133.40 Low Aug 2 and a bear trigger
  • SUP 3: 132.66 Low May 12 and a key support
  • SUP 4: 131.99 61.8% retracement of the Mar 7 - Jun 28 bull leg

EURJPY traded higher again Wednesday. Despite the climb this week, the short-term outlook remains bearish. Moving average studies highlight a downtrend and the 50-day EMA, at 138.13, marks a firm resistance. A resumption of weakness would open the 133.40 bear trigger. Clearance of resistance at the 50-day EMA would alter the picture and instead signal scope for a climb towards the 140.01 trendline resistance.