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Sights Are On The Bull Trigger

EURJPY TECHS
  • RES 4: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 3: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 2: 158.05 High Jul 21 and the bull trigger
  • RES 1: 157.50 Intraday high
  • PRICE: 157.05@ 06:53 BST Aug 2
  • SUP 1: 155.79 20-day EMA
  • SUP 2: 154.07 50-day EMA
  • SUP 3: 151.42 Low Jul 28 and key support
  • SUP 4: 150.16 38.2% retracement of the Jan 3 - Jul 21 bull cycle

EURJPY is holding on to its recent gains following the reversal from 151.42, the Jul 28 low. The latest rally cancels a recent bearish threat and signals the end of a corrective cycle. A continuation higher would expose 158.05, the Jul 21 high and a bull trigger. Clearance of this level would confirm a resumption of the medium-term uptrend that would open 158.72, a Fibonacci projection. Key support is at 151.42.

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