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Outlook Remains Bearish

EURJPY TECHS
  • RES 4: 131.09/19 High Jul 13 / 1.0% 10-dma envelope
  • RES 3: 130.75 High Sep 3 and the bull trigger
  • RES 2: 130.20 High Sep 14 high
  • RES 1: 129.69 20-day EMA
  • PRICE: 129.36 @ 06:23 BST Sep 17
  • SUP 1: 128.60 Low Aug 24 and 76.4% of the Aug 19 - sep 3 rally
  • SUP 2: 128.16 Low Aug 23
  • SUP 3: 127.94 Low Aug 19 and the bear trigger
  • SUP 4: 127.88 50.0% retracement of the Oct '20 - Jan rally

EURJPY traded lower Thursday to maintain a weaker tone as the cross extends the sell-off that started Sep 3. 129.01, 61.8% retracement of the Aug 19 - Sep 3 rally has been breached. The focus is on 128.60, the 76.4% retracement and recent weakness signals scope for a test of key support at 127.94, Aug 19 low. Initial firm resistance is seen at 130.20, Sep 14 high. Key resistance is at 130.75, Sep 3 high.

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