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Reversal Higher Extends

EURJPY TECHS
  • RES 4: 141.06 High Jun 4 2015 and a key resistance
  • RES 3: 140.87 0.50 proj of the Mar 7 - 28 - Apr 5 price swing
  • RES 2: 138.32/140.00 High May 9 / High Apr 21 and the bull trigger
  • RES 1: 136.75 High May 12
  • PRICE: 136.46@ 20:19 BST May 17
  • SUP 1: 134.50/132.66 Low May 17 / Low May 12 and the bear trigger
  • SUP 2: 132.40 100-dma
  • SUP 3: 132.20 50% retracement of the Mar 7 - Apr 21 bull phase
  • SUP 4: 131.59 Low Mar 22

EURJPY traded higher Tuesday and continues to pull away from last week’s low of 132.66 on May 12. The reversal higher, threatens the recent bearish theme and instead suggests a corrective cycle lower that started Apr 21 may have run its course. This highlights a key short-term support at 132.66. An extension higher would open 138.32, the May 9 high. A break of 132.66 is required to reinstate a bearish theme and the threat of a deeper retracement.

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