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Pierces Trendline Resistance

EURJPY TECHS
  • RES 4: 140.69 High Jul 22
  • RES 3: 140.21 76.4% retracement of the Jul 21 - Aug 2 downleg
  • RES 2: 140.04 2.0% 10-dma envelope
  • RES 1: 139.22 High Aug 29
  • PRICE: 139.19 @ 17:14 BST Aug 30
  • SUP 1: 138.93 Low Aug 30
  • SUP 2: 135.52/34.95 Low Aug 24 / 16
  • SUP 3: 133.40 Low Aug 2 and a bear trigger
  • SUP 4: 132.66 Low May 12 and a key support

EURJPY traded higher again Tuesday. This week’s climb has resulted in a break of the 50-day EMA. The cross has also pierced 138.98, trendline resistance drawn from the Jun 28 high. This represents a key resistance area and a clear break would strengthen bullish conditions and highlight a stronger reversal. A break would open 140.04, 2.0% 10-dma envelope. Initial support is seen at 137.03, the Aug 29 low.

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