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Key Support Zone Remains Intact

EURJPY TECHS
  • RES 4: 141.51 3.0% 10-dma envelope
  • RES 3: 141.06 High Jun 4 2015 and a key resistance
  • RES 2: 140.93 0.50 proj of the Mar 7 - 28 - Apr 8 price swing
  • RES 1: 138.00/140.00 High Apr 28 / High Apr 21 and the bull trigger
  • PRICE: 137.54 @ 17:15 BST Apr 28
  • SUP 1: 134.79/64 Low Apr 27 / 2.0% 10-dma envelope
  • SUP 2: 134.30 Low Apr 5 and a key support
  • SUP 3: 134.02 50-day EMA
  • SUP 4: 132.95 Low Mar 24

This week’s pullback in EURJPY is considered corrective. The cross traded below the 20-day EMA, however, it remains above the more important support area around the 50-day EMA. This average intersects at 134.02 and is just below an important support at 134.30, Apr 5 low. While this support zone holds, the broader uptrend remains intact. Initial resistance is at 137.54, Tuesday’s high. The bull trigger is at 140.00, Apr 21 high.

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  • RES 4: 141.51 3.0% 10-dma envelope
  • RES 3: 141.06 High Jun 4 2015 and a key resistance
  • RES 2: 140.93 0.50 proj of the Mar 7 - 28 - Apr 8 price swing
  • RES 1: 138.00/140.00 High Apr 28 / High Apr 21 and the bull trigger
  • PRICE: 137.54 @ 17:15 BST Apr 28
  • SUP 1: 134.79/64 Low Apr 27 / 2.0% 10-dma envelope
  • SUP 2: 134.30 Low Apr 5 and a key support
  • SUP 3: 134.02 50-day EMA
  • SUP 4: 132.95 Low Mar 24

This week’s pullback in EURJPY is considered corrective. The cross traded below the 20-day EMA, however, it remains above the more important support area around the 50-day EMA. This average intersects at 134.02 and is just below an important support at 134.30, Apr 5 low. While this support zone holds, the broader uptrend remains intact. Initial resistance is at 137.54, Tuesday’s high. The bull trigger is at 140.00, Apr 21 high.