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Key Support Remains Intact

EURO-YEN TECHS
  • RES 4: 126.95 0.764 proj of May 6 - Jun 5 rally from Jun 22 low
  • RES 3: 126.81 High Apr 17, 2019
  • RES 2: 126.76 High Aug 13 and the bull trigger
  • RES 1: 126.14 Intraday high
  • PRICE: 125.62 @ 06:13 BST Aug 26
  • SUP 1: 124.92/44 Low Aug 25 / Low Aug 21
  • SUP 2: 124.34 Low Aug 10/11 and key support
  • SUP 3: 123.84 Low Jul 31
  • SUP 4: 123.42 50-day EMA

EURJPY traded well Tuesday with the cross recovering off recent lows. The bounce leaves key support at 124.34, Aug 10 / 11 low and a pivot level, intact. A breach of this support would signal scope for a deeper corrective sell-off perhaps towards the 50-day EMA that intersects at 123.42. For bulls, with price holding above 124.34, further gains would suggest scope for a retest of the major resistance at 126.76, Aug 13 high.

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