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Monitoring Resistance At The 50-Day EMA

EURJPY TECHS
  • RES 4: 140.07 High Jul 25
  • RES 3: 139.41 High Jul 28
  • RES 2: 138.50 50-day EMA
  • RES 1: 138.32 High Aug 9
  • PRICE: 137.91 @ 06:53 BST Aug 10
  • SUP 1: 135.81 Low Aug 5
  • SUP 2: 134.84/133.40 Low Aug 3 / 2 and a bear trigger
  • SUP 3: 132.66 Low May 12 and a key support
  • SUP 4: 131.99 61.8% retracement of the Mar 7 - Jun 28 bull leg

EURJPY traded higher again Tuesday and the cross is holding on to the bulk of its recent gains. The recovery from 133.40, Aug 2 low, is likely a correction if moving average studies are correct in highlighting a downtrend. The next resistance to watch is 138.50, the 50-day EMA. A reversal lower and a breach of 133.40 would resume the bear cycle and open 132.66, May 12 low. Clearance of the 50-day EMA would suggest scope for a stronger recovery.

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  • RES 4: 140.07 High Jul 25
  • RES 3: 139.41 High Jul 28
  • RES 2: 138.50 50-day EMA
  • RES 1: 138.32 High Aug 9
  • PRICE: 137.91 @ 06:53 BST Aug 10
  • SUP 1: 135.81 Low Aug 5
  • SUP 2: 134.84/133.40 Low Aug 3 / 2 and a bear trigger
  • SUP 3: 132.66 Low May 12 and a key support
  • SUP 4: 131.99 61.8% retracement of the Mar 7 - Jun 28 bull leg

EURJPY traded higher again Tuesday and the cross is holding on to the bulk of its recent gains. The recovery from 133.40, Aug 2 low, is likely a correction if moving average studies are correct in highlighting a downtrend. The next resistance to watch is 138.50, the 50-day EMA. A reversal lower and a breach of 133.40 would resume the bear cycle and open 132.66, May 12 low. Clearance of the 50-day EMA would suggest scope for a stronger recovery.