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Price Is Below The 50-Day EMA

EURJPY TECHS
  • RES 4: 146.23 2.236 proj of the Aug 2- 10 - 16 price swing
  • RES 3: 145.64 High Sep 12 and the bull trigger
  • RES 2: 144.04 High Sep 20
  • RES 1: 141.53 20-day EMA
  • PRICE: 139.69 @ 06:45 BST Sep 23
  • SUP 1: 138.71 Low Sep 22
  • SUP 2: 138.26 Low Aug 30
  • SUP 3: 137.47 76.4% retracement of the Aug 16 - Sep 12 rally
  • SUP 4: 136.02 Low Aug 25

A sharp volatile reversal lower in EURJPY Thursday resulted in a break below the 50-day EMA, at 140.09. At this stage, weakness in the cross is considered corrective and despite Thursday’s BOJ intervention, technical trend signals continue to highlight a bull cycle. Price action however is likely to remain volatile. A daily close below the 50-day EMA would strengthen a bearish threat. Initial key resistance is at 144.04, the Sep 20 high.

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  • RES 4: 146.23 2.236 proj of the Aug 2- 10 - 16 price swing
  • RES 3: 145.64 High Sep 12 and the bull trigger
  • RES 2: 144.04 High Sep 20
  • RES 1: 141.53 20-day EMA
  • PRICE: 139.69 @ 06:45 BST Sep 23
  • SUP 1: 138.71 Low Sep 22
  • SUP 2: 138.26 Low Aug 30
  • SUP 3: 137.47 76.4% retracement of the Aug 16 - Sep 12 rally
  • SUP 4: 136.02 Low Aug 25

A sharp volatile reversal lower in EURJPY Thursday resulted in a break below the 50-day EMA, at 140.09. At this stage, weakness in the cross is considered corrective and despite Thursday’s BOJ intervention, technical trend signals continue to highlight a bull cycle. Price action however is likely to remain volatile. A daily close below the 50-day EMA would strengthen a bearish threat. Initial key resistance is at 144.04, the Sep 20 high.