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Pullback Considered Corrective

EURJPY TECHS
  • RES 4: 167.45 1.382 proj of the Jan 2 - 19 - Feb 1 price swing
  • RES 3: 166.46 1.236 proj of the Jan 2 - 19 - Feb 1 price swing
  • RES 2: 166.00 Round number resistance
  • RES 1: 165.35/96 High Mar 20 / 2.0% 10-dma envelope
  • PRICE: 163.67 @ 06:50 GMT Mar 25
  • SUP 1: 162.71 20-day EMA
  • SUP 2: 161.50 Trendline drawn from Dec 7 low
  • SUP 3: 160.22 Low Mar 11
  • SUP 4: 159.47 Low Feb 8

The uptrend in EURJPY remains intact and the latest pullback appears to be a correction. Last week’s rally resulted in a move through 164.30, the Nov 16 ‘23 high and a medium-term bull trigger. This confirms a resumption of the long-term uptrend. The break higher opens 165.96, the top of a MA envelope, and the 166.00 handle further out. Initial firm support lies at 162.71, the 20-day EMA.

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