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Medium-Term Uptrend Remains Intact

EURJPY TECHS
  • RES 4: 160.66 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.00 Psychological handle
  • RES 2: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 1: 159.49 High Aug 22
  • PRICE: 157.63 @ 07:21 BST Aug 24
  • SUP 1: 156.87 Low Aug 23
  • SUP 2: 155.95 50-day EMA
  • SUP 3: 154.50 61.8% retracement of the Jul 28 - Aug 22 rally
  • SUP 4: 151.42 Low Jul 28 and key support

The current EURJPY uptrend remains intact and this week’s pullback is considered corrective. Key resistance at 158.05, Jul 21 high, has recently been cleared, confirming a resumption of the M/T uptrend. Sights are on 159.92, a Fibonacci projection ahead of the 160.00 psychological handle. Moving average studies are in a bull-mode condition, reflecting a rising trend. On the downside, the next support to watch is 155.95, the 50-day EMA.

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