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Short-Term Gains Considered Technically Corrective For Now

EURJPY
  • After an initial dip lower to 138.83 on Monday, EURJPY found support and has extended its bounce throughout Tuesday’s session to 2.8% as of writing.
  • Overall, the cross continues to appear technically vulnerable and short-term gains are considered corrective. Last week’s bearish price action signals scope for a continuation lower towards the 138.00 handle and the short-term bear trigger is now at Monday’s low.
  • Highs during today’s session match closely with the initial resistance point of 142.75, the 50-day EMA which will be key ahead of the upcoming risk events of ECB’s Lagarde and the FOMC meeting.
  • Japanese banks are due to reopen on Wednesday having been closed today in observance of Vernal Equinox Day.

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