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Pullback Off Recent High Extends

EURO-YEN TECHS
  • RES 4: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 3: 127.50 High Mar 1, 2019
  • RES 2: 127.08 High Sep 1 and key resistance
  • RES 1: 126.02 High Sep 3
  • PRICE: 124.96 @ 17:40 BST Sep 8
  • SUP 1: 124.70 Low Sep 8
  • SUP 2: 124.44 Low Aug 21 and the reversal trigger
  • SUP 3: 124.34 Low Aug 10/11 and a key support
  • SUP 4: 124.15 50-day EMA

EURJPY confirmed a fresh high print of 127.08 early last week but has since pulled back and traded lower again Tuesday. Although the cross remains in an uptrend, a bearish price pattern on Sep 1, a "shooting star" formation continues to highlight a potential threat to bulls. The focus is on key support at 124.44, Aug 21 low. A break would signal scope for a deeper pullback. On the upside, initial resistance is at 126.02, Sep 3 high.

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