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Free AccessPullback Appears To Be A Correction
- RES 4: 171.56 High Apr 29 and the bull trigger
- RES 3: 170.40 2.0% 10-dma envelope
- RES 2: 169.78 76.4% retracement of the Apr 29 - May 3 retracement
- RES 1: 169.40 High May 14
- PRICE: 167.68 @ 06:48 BST May 16
- SUP 1: 166.80 20-day EMA
- SUP 2: 165.64 Trendline support drawn from the Dec 7 ‘23 low
- SUP 3: 165.11 50-day EMA
- SUP 4: 164.02 Low May 3
EURJPY has pulled back from yesterday’s 169.40 high. Despite the move down, the M/T trend structure remains bullish - for now - with sights on 171.56, Apr 29 high and key resistance. Initial resistance is yesterday’s 169.40 high and 169.78, a Fibonacci retracement. First support to watch lies at 166.80, 20-day EMA. Key trendline support drawn from the Dec 7 ‘23 low, lies at 165.64. A clear break of this line would highlight a stronger reversal.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.