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Outlook Remains Bullish

EURJPY TECHS
  • RES 4: 166.97 1.50 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 3: 165.99 1.382 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 2: 164.77 1.236 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 1: 164.23 High Nov 15
  • PRICE: 163.39 @ 16:30 GMT Nov 16
  • SUP 1: 162.21 Low Nov 14
  • SUP 2: 160.77/159.19 20- and 50-day EMA values
  • SUP 3: 157.70 Low Oct 30
  • SUP 4: 156.98 Low Oct 16

EURJPY bulls remain in the driver’s seat and the cross traded to a new cycle high on Thursday. This week’s gains have reinforced bullish conditions and maintain the positive price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, reflecting the market's positive sentiment. Sights are on the 164.77 next, a Fibonacci projection. On the downside, initial firm support lies at 160.77, the 20-day EMA.

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