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Remains Below Key Short-Term Resistance

EURJPY TECHS
  • RES 4: 132.36 1.382 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 131.58 High Oct 4, 2018
  • RES 2: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 1: 130.97 High Apr 20 and the bull trigger
  • PRICE: 130.62 @ 16:43 BST Apr 26
  • SUP 1: 129.57 Low Apr 8
  • SUP 2: 129.49/37 Trendline drawn off Oct 30 low / 50-day EMA
  • SUP 3: 128.29 Low Mar 24
  • SUP 4: 127.50 Low Feb 22

EURJPY is firmer this week but remains below 130.97. Apr 20 hig. Attention is on the Apr 20 bearish price pattern, a shooting star candle with initial support at 129.57, Apr 8 low. A clear break lower would expose the 50-day EMA at 129.37 and a trendline support at 129.49, drawn off the Oct 30, 2020 low. Clearance of this support zone would signal a reversal. For bulls, a break of 130.97 negates bearish concerns and resumes the uptrend.

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