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Holding Onto Gains

EURJPY TECHS
  • RES 4: 140.03 High Jun 23 2015
  • RES 3: 139.00 High Aug 21 2015 and a key resistance
  • RES 2: 138.62 High Aug 25 2015
  • RES 1: 137.50/53 High Feb 2 ‘18 and major resistance / High Mar 28
  • PRICE: 134.84 @ 16:43 GMT Mar 31
  • SUP 1: 133.94 Low Mar 28
  • SUP 2: 132.95 Low Mar 24
  • SUP 3: 132.29 20-day EMA
  • SUP 4: 130.89 50-day EMA

EURJPY traded to a fresh trend high Monday and the cross is holding onto the bulk of its recent gains. A key resistance at 134.13, Jun 1 2021 high was breached on Mar 24. This strengthened bullish conditions and Monday’s gains reinforce the uptrend. The trend is however in overbought territory and marks a possible risk for S/T bulls given the steepness of the trend. A pullback would be seen as a healthy correction. 137.50/53 is the bull trigger.

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

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