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Probes The Bear Trigger

EURJPY TECHS
  • RES 4: 130.84/131.09 1.0% 10-dma envelope / High Jul 13
  • RES 3: 130.75 High Sep 3 and the bull trigger
  • RES 2: 130.20 High Sep 14 high
  • RES 1: 129.67 High Sep 17
  • PRICE: 128.48 @ 19:59 BST Sep 22
  • SUP 1: 127.94/93 Low Aug 19 and the bear trigger / Intrada low
  • SUP 2: 127.88 50.0% retracement of the Oct '20 - Jan rally
  • SUP 3: 127.50 Low Feb 22
  • SUP 4: 126.40 61.8% retracement of the Oct '20 - Jun rally

EURJPY remains in a bear mode and has traded just below the key support and bear trigger at 127.94, Aug 19 low. The formation this week of a death cross in the DMA space reinforces a bearish theme, and Monday's low also pierced the 1.0% 10-dma envelope. A clear break of 127.94 would open 127.88, a retracement. Further out, the risk of a move towards the 2021 lows of 125.09 has increased. Initial firm resistance is at 129.67.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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