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Pullback Considered Corrective

EURJPY TECHS
  • RES 4: 147.10 High Nov 9 2022
  • RES 3: 146.73 High Dec 15 and a key resistance
  • RES 2: 145.80 76.4% retracement of the Oct 21 - Jan 3 bear leg
  • RES 1: 145.10 High Mar 10
  • PRICE: 144.17 @ 06:53 GMT Mar 13
  • SUP 1: 142.91 50-day EMA
  • SUP 2: 142.15 Low Feb 24 and a key support
  • SUP 3: 141.52 Low Feb 14
  • SUP 4: 140.14 Low Feb 13

The recent pullback in EURJPY appears to be a correction. Trend conditions remain bullish and recent gains have maintained the positive price sequence of higher highs and higher lows. A resumption of the uptrend would open 145.80, a Fibonacci retracement and 146.73, the Dec 15 high. On the downside, key short-term support has been defined at 142.15, the Feb 24 low. First support lies at 142.91, the 50-day EMA.

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