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Impulsive Rally Extends

  • RES 4: 153.62 1.618 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 3: 152.81 1.50 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 2: 152.00 1.382 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 1: 151.42 Intraday high
  • PRICE: 151.34 @ 06:46 BST May 2
  • SUP 1: 150.03 Low May 1
  • SUP 2: 148.62 High Apr 25 and a recent breakout level
  • SUP 3: 147.02 20-day EMA
  • SUP 4: 146.29 Low Apr 25 and a key short-term support

EURJPY traded sharply higher last Friday confirming a resumption of the current uptrend. The cross is again pushing higher this week, reinforcing bullish conditions. 151.00 has been cleared and this paves the way for a climb towards 152.00 next, a Fibonacci projection. Key short-term support has been defined at 146.29, the Apr 25 low, where a break is required to signal a short-term reversal. Initial firm support lies at 148.62, the Apr 25 low.

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