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Outlook Remains Bullish

EURJPY TECHS
  • RES 4: 166.46 1.236 proj of the Jan 2 - 19 - Feb 1 price swing
  • RES 3: 165.00 Round number resistance
  • RES 2: 164.30 High Nov 16 and a key medium-term resistance
  • RES 1: 163.72 High Nov 27 and Feb 26
  • PRICE: 162.93 @ 16:31 GMT Mar 6
  • SUP 1: 162.15 20-day EMA
  • SUP 2: 160.93 50-day EMA
  • SUP 3: 160.09 Trendline support drawn from the Dec 7 low.
  • SUP 4: 158.92 Low Feb 7

The trend condition in EURJPY is unchanged and bulls remain in the driver’s seat. Support to watch lies at 162.15, the 20-day EMA. It has recently been pierced. A clear break of the average would signal scope for a deeper pullback towards the 50-day EMA, at 160.93. With a bull cycle still in play, attention is on resistance at 163.72, the Nov 27 high (tested) ahead of key resistance at 164.30, the Nov 16 high.

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  • RES 4: 166.46 1.236 proj of the Jan 2 - 19 - Feb 1 price swing
  • RES 3: 165.00 Round number resistance
  • RES 2: 164.30 High Nov 16 and a key medium-term resistance
  • RES 1: 163.72 High Nov 27 and Feb 26
  • PRICE: 162.93 @ 16:31 GMT Mar 6
  • SUP 1: 162.15 20-day EMA
  • SUP 2: 160.93 50-day EMA
  • SUP 3: 160.09 Trendline support drawn from the Dec 7 low.
  • SUP 4: 158.92 Low Feb 7

The trend condition in EURJPY is unchanged and bulls remain in the driver’s seat. Support to watch lies at 162.15, the 20-day EMA. It has recently been pierced. A clear break of the average would signal scope for a deeper pullback towards the 50-day EMA, at 160.93. With a bull cycle still in play, attention is on resistance at 163.72, the Nov 27 high (tested) ahead of key resistance at 164.30, the Nov 16 high.