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FOREX: EURJPY Rises 0.95%, Approaches 50-day EMA Resistance

FOREX
BulletMarketsForeign Exchange Bullets
  • Despite a bear cycle remaining intact overall, we highlighted that the breach of the 20-day EMA late last week signalled scope for a stronger recovery near-term.
  • With the recovery extending during today’s session amid the uptick in core yields, spot is now approaching the 50-day EMA, intersecting today at 161.70. This is an important area of resistance given the cross has not been above this average since July 23.
  • Above here, 162.89 represents a key technical point, the Sep 2 high.
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  • Despite a bear cycle remaining intact overall, we highlighted that the breach of the 20-day EMA late last week signalled scope for a stronger recovery near-term.
  • With the recovery extending during today’s session amid the uptick in core yields, spot is now approaching the 50-day EMA, intersecting today at 161.70. This is an important area of resistance given the cross has not been above this average since July 23.
  • Above here, 162.89 represents a key technical point, the Sep 2 high.