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Pierces 50-Day EMA

EURJPY TECHS
  • RES 4: 140.07 High Jul 25
  • RES 3: 139.32 Trendline resistance drawn from the Jun 28 high
  • RES 2: 138.40 High Aug 10
  • RES 1: 137.83 50-day EMA
  • PRICE: 137.28 @ 16:24 BST Aug 26
  • SUP 1: 134.95 Low Aug 16
  • SUP 2: 133.40 Low Aug 2 and a bear trigger
  • SUP 3: 132.66 Low May 12 and a key support
  • SUP 4: 131.99 61.8% retracement of the Mar 7 - Jun 28 bull leg

The short-term outlook in EURJPY improved Friday, with prices piercing the 50-day EMA at 137.83. Nonetheless, the cross was unable to sustain the move higher, drifting into the close. Moving average studies are in a bear mode condition highlighting a downtrend. This keeps the 50-day EMA as key resistance going forward, but a stronger resumption of weakness would open the 133.40 bear trigger. On the upside, clearance of the 50-day EMA would open the 139.32 trendline resistance drawn from the Jun 28 high.

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