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Key Support Remains Intact

EURJPY TECHS
  • RES 4: 160.00 Psychological handle
  • RES 3: 159.76 High Aug 30 and the bull trigger
  • RES 2: 158.65 High Sep 13
  • RES 1: 158.61 High Oct 12
  • PRICE: 157.75 @ 06:57 BST Oct 17
  • SUP 1: 156.46/154.46 Low Oct 6 / Oct 3 and the bear trigger
  • SUP 2: 154.10 2.0% 10-dma envelope
  • SUP 3: 153.39 76.4% of the Jul 28 - Aug 30 bull run
  • SUP 4: 151.42 Late July Low and Bear Trigger

EURJPY remains in consolidation mode for now, and is trading above support at 154.46, the Oct 3 low. Resistance to watch is 158.65, the Sep 13 high. For bulls, a break of 158.65, would highlight a range breakout and expose the key resistance and bull trigger at 159.76, the Aug 30 high. On the downside, a move below 154.46 would represent an important break and strengthen a bearish case. This would open 153.39, a Fibonacci retracement.

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