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Fresh Cycle High Cancels Candlestick Reversal Pattern

EURJPY TECHS
  • RES 4: 146.74 High Dec 30, 2014
  • RES 3: 145.00/58 Round number resistance / High Dec 31 2014
  • RES 2: 144.58 0.764 proj of Mar 7 - 28 - Apr 5 swing
  • RES 1: 144.28 Intraday high
  • PRICE: 143.75 @ 13:06 BST Jun 28
  • SUP 1: 141.18 20-day EMA
  • SUP 2: 139.45 Low Jun 17
  • SUP 3: 138.80/37.85 50-day EMA / Low Jun 16 and key support
  • SUP 4: 136.25 Low May 30

EURJPY has traded higher today, delivering a fresh cycle high of 144.278, above the resistance and recent high of 144.25. The 144.28 high print has cancelled a 3-day candle pattern highlighted in recent updates - evening star reversal. This reinforces the uptrend and a continuation higher would open 144.58, a Fibonacci projection. Key S/T support is at 141.18, the 20-day EMA. A break of this level is required to again highlight a potential top.

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