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Short-Term Outlook Remains Bullish

EURJPY TECHS
  • RES 4: 130.29 High Feb 25
  • RES 3: 129.81 61.8% Retracement Feb - Mar Downleg
  • RES 2: 129.28 50-day EMA
  • RES 1: 129.04 High Mar 11
  • PRICE: 128.58 @ 07:01 GMT Mar 14
  • SUP 1: 127.42/126.01 Low Mar 10 / Low Mar 9
  • SUP 2: 124.40/28 Low Mar 7 / 50.0% of the 2020 - 2021 bulls cycle
  • SUP 3: 123.45 1.618 proj of the Jan - Sep - Oct ‘21 price swing
  • SUP 4: 123.01 Low Nov 20 2020

EURJPY remains in a short-term uptrend following last week’s gains and the cross is trading closer to its recent highs. The 50% retracement of the Feb - Mar downleg, at 128.77, has been probed. Clearance of this hurdle would suggest scope for a stronger recovery towards the 50-day EMA at 129.28. Recent gains are still considered corrective though and trend signals such as MAs continue to highlight a downtrend. Initial support is at 127.42/126.01.

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