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Sharp Monday Rally

EURO-YEN TECHS
  • RES 4: 125.77 High Sep 15
  • RES 3: 125.28 61.8% retracement of the Sep 1 - 28 sell-off
  • RES 2: 125.01 High Sep 16
  • RES 1: 124.73 50.0% retracement of the Sep 1 - 28 sell-off
  • PRICE: 124.69 @ 17:50 BST Oct 5
  • SUP 1: 123.03 Low Sep 29 and Oct 2
  • SUP 2: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 3: 121.82 Low Jul 15 and 16
  • SUP 4: 121.14 76.4% retracement of the Jun 22 - Sep 1 rally

EURJPY rallied sharply higher Monday extending the bounce off Friday's low of 123.03. The cross cleared resistance at 124.25, Sep 30 high paving the way for a climb towards 124.73 and 125.28, both Fibonacci retracement levels. Note too that price is back above the 20- and 50-day EMA reinforcing the current positive tone. Initial key support has been defined at 123.03, Oct 2 low. A break would neutralise the recovery and expose 122.38 once again.

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