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Pullback Appears To Be A Correction

EURJPY TECHS
  • 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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