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Holding On To Its Latest Gains

EURJPY TECHS
  • RES 4: 172.25 2.0% 10-dma envelope
  • RES 3: 171.56 High Apr 29 and the bull trigger
  • RES 2: 170.65 0.618 proj of the May 3 - 15 - 16 price swing
  • RES 1: 169.94 High May 21
  • PRICE: 169.58 @ 07:11 BST May 23
  • SUP 1: 167.83 20-day EMA
  • SUP 2: 166.18 Trendline support drawn from the Dec 7 ‘23 low
  • SUP 3: 165.89 50-day EMA
  • SUP 4: 164.02 Low May 3

EURJPY has recovered from the May 16 low and is holding on to its latest gains. The medium-term trend structure is bullish and sights are on 171.56, the Apr 29 high and key resistance. Initial support at the 20-day EMA, at 167.83, remains intact. Key trendline support drawn from the Dec 7 ‘23 low, lies at 166.18. A clear break of this line would highlight a stronger reversal and initially expose support at the 50-day EMA, at 165.89.

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