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Off Yesterday's High

EURO-YEN TECHS
  • RES 4: 139.31 1.00 proj of May 6 - Jun 5 rally from Jun 22 low
  • RES 3: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 2: 127.50 High Mar 1, 2019
  • RES 1: 127.08 High Sep 1, 2020
  • PRICE: 125.96 @ 10:33 BST Sep 2
  • SUP 1: 125.35/14 20-day EMA / Low Aug 27
  • SUP 2: 124.44 Low Aug 21 and the reversal trigger
  • SUP 3: 124.34 Low Aug 10/11 and a key support
  • SUP 4: 123.87 50-day EMA

EURJPY traded higher yesterday confirming a fresh high print of 127.08 before finding resistance to close near session lows. A bull trend remains intact and this week's gains signal scope for a climb towards 127.58 next, a high dating back to Mar 2019. One concern for bulls is yesterday's candle pattern, a "shooting star". This is a bearish formation and a potential warning to bulls. Key trend support lies at 124.44, Aug 21 low.

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