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Remains Below Resistance

EURJPY TECHS
  • RES 4: 167.14 50-day EMA
  • RES 3: 164.30 20-day EMA
  • RES 2: 162.89 High Aug 1
  • RES 1: 161.95 High Aug 12
  • PRICE: 161.07 @ 17:12 BST Aug 12
  • SUP 1: 157.30 / 154.42 Low Aug 6 / 5 and the bear trigger
  • SUP 2: 153.87 Low Dec 14 ‘23
  • SUP 3: 153.23 Low Dec 7 ‘23 and a key support
  • SUP 4: 151.42 Low Jul 28 ‘23

EURJPY traded sharply lower recently marking an extension of the current impulsive bear cycle. The move down opens the next key support at 153.23, the Dec 7 ‘23 low. A break of this price point would strengthen a bearish theme. Note that the cross is in an extreme oversold position. A stronger recovery - a correction - would allow this set-up to unwind. Initial firm resistance is seen at 164.30, the 20-day EMA.

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