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Holding On To Its Recent Gains

EURJPY TECHS
  • RES 4: 147.75 High Oct 31
  • RES 3: 147.10 High Nov 9 2022
  • RES 2: 146.73 High Dec 15 and a key resistance
  • RES 1: 145.80 76.4% retracement of the Oct 21 - Jan 3 bear leg
  • PRICE: 144.79 @ 16:29 GMT Mar 7
  • SUP 1: 143.49 20-day EMA
  • SUP 2: 142.66/15 50-day EMA / Low Feb 24 and a key support
  • SUP 3: 141.52 Low Feb 14
  • SUP 4: 140.14 Low Feb 13

EURJPY faded somewhat Tuesday, however trend conditions remain bullish and the pair is trading closer to recent highs. Fresh gains last week maintain the bullish price sequence of higher highs and higher lows. The cross has recently cleared 144.19, the 61.8% retracement of the Oct 21 - Jan 3 bear leg. This break opens 145.80 next, the 76.4% retracement and 146.73, the Dec 15 high. On the downside, key short-term support to watch has been defined at 142.15, Feb 24 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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