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Pierces Key Resistance

EURJPY TECHS
  • RES 4: 161.52 2.618 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.94 2.50 proj of the May 11 - 29 - 31 price swing
  • RES 2: 160.36 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 1: 160.00 Psychological handle
  • PRICE: 158.80 @ 16:18 BST Oct 24
  • SUP 1: 158.03 20-day EMA
  • SUP 2: 156.98 Low Oct 16
  • SUP 3: 155.83 Low Oct 4
  • SUP 4: 154.46 Oct 3 and the bear trigger

EURJPY started the week on a bullish note and traded higher Monday. This has resulted in a print above key resistance at 159.76, the Aug 30 high and a bull trigger. A clear break of this hurdle would confirm a resumption of the uptrend and pave the way for a climb towards 160.36, a Fibonacci projection. Initial firm support to watch lies at 158.03, the 20-day EMA. Key support is far off at 154.46, the Oct 3 low.

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