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Holding Above Key Support

EURJPY TECHS
  • RES 4: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 130.67 High Mar 18 and the bull trigger
  • RES 2: 129.94 High Mar 22
  • RES 1: 129.55 High Mar 30
  • PRICE: 129.29 @ 19:48 GMT Mar 30
  • SUP 1: 128.31/26 Trendline drawn off Oct 30, 2020 low / 50-day EMA
  • SUP 2: 127.50 Low Feb 22
  • SUP 3: 127.31 Low Feb 17
  • SUP 4: 126.98 Low Feb 12

EURJPY remains above 128.29, Mar 24 low. The recent recovery from this level leaves the 50-day EMA at 128.26, and trendline support at 128.31 intact. The trendline is drawn off the Oct 30, 2020 low. A break of this support zone is required to suggest scope for a deeper S/T sell-off and this would signal a reversal of the current uptrend. For bulls, firm resistance is at 129.94, Mar 22 high. A break would open key resistance at 130.67, Mar 18 high.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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