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Resistance Remains Intact

EURJPY TECHS
  • RES 4: 160.36 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.00 Psychological handle
  • RES 2: 159.76 High Aug 30 and the bull trigger
  • RES 1: 158.65 High Sep 13
  • PRICE: 157.79 @ 06:41 BST Oct 19
  • SUP 1: 156.46/154.46 Low Oct 6 / Oct 3 and the bear trigger
  • SUP 2: 153.39 76.4% of the Jul 28 - Aug 30 bull run
  • SUP 3: 151.42 Late July Low and Bear Trigger
  • SUP 4: 150.00 Round number support

EURJPY traded modestly softer into Wednesday’s close and the cross remains inside its range. Resistance to watch is 158.65, the Sep 13 high. A break of this level would highlight a range breakout and expose the key resistance and bull trigger at 159.76, the Aug 30 high. On the downside, key support is unchanged at 154.46, the Oct 3 low. Clearance of this level would strengthen a bearish case and open 153.39, a Fibonacci retracement.

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