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Near-Term Strength Persists

EURJPY TECHS
  • RES 4: 131.77 61.8% retracement of the Jun - Aug sell-off
  • RES 3: 131.09 High Jul 13
  • RES 2: 130.56 High Jul 29
  • RES 1: 130.45 High Sep 01
  • PRICE: 130.39 @ 16:36 BST Sep 1
  • SUP 1: 129.16 Low Aug 27
  • SUP 2: 128.60 Low Aug 24
  • SUP 3: 127.94 Low Aug 19 and the bear trigger
  • SUP 4: 127.88 38.2% retracement of the Oct '20 - Jun rally

EURJPY trend conditions remain bearish despite this week's strength. However, from a short-term perspective the cross continues to climb and has topped the 50-day EMA at 129.96 on an intraday basis. A clear break of this average is required to suggest scope for stronger gains and open 130.56,the Jul 29 high. Key support has been defined at 127.94, Aug 19 low. Initial support lies at 129.16, Aug 27 low.

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