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Holding On To Recent Gains

EURJPY TECHS
  • RES 4: 145.64 High Sep 12 and the bull trigger
  • RES 3: 144.48 High High Sep 14
  • RES 2: 143.70 76.4% retracement of the Sep 12 - 26 downleg
  • RES 1: 142.49 61.8% retracement of the Sep 12 - 26 downleg
  • PRICE: 141.94 @ 15:28 BST Oct 3
  • SUP 1: 139.44/137.40 Low Sep 29 / 26 and key support
  • SUP 2: 136.02 Low Aug 25
  • SUP 3: 135.52 Low Aug 24
  • SUP 4: 134.95 Low Aug 16 and a key support

EURJPY is holding on to its latest gains and traded higher Monday, marking an extension of the recovery from 137.40, the Sep 26 low. Recent weakness between Sep 12 - 26 appears to have been a correction and if correct, the latest recovery signals the end of that cycle. The focus is on 143.70, a Fibonacci retracement and a continuation would open the key resistance at 145.64, Sep 12 high. Key support lies at 137.40.

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

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