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Still Trading Below Its Recent High

EURJPY TECHS
  • RES 4: 139.00 High Aug 21 2015 and a key resistance
  • RES 3: 138.62 High Aug 25 2015
  • RES 2: 137.50/53 High Feb 2 ‘18 and major resistance / High Mar 28
  • RES 1: 137.13 High Apr 11
  • PRICE: 136.44 @ 06:32 BST Apr 12
  • SUP 1: 133.94/90 Low Apr 5 / 20-day EMA
  • SUP 2: 133.15 High Feb 10
  • SUP 3: 132.06 50-day EMA
  • SUP 4: 131.59 Low Mar 22

The recent EURJPY pullback from 137.53, Mar 28 high appears to be a correction and the move lower has allowed an overbought condition to unwind. Support to watch is 133.94/90, the Mar 28 low and the 20-day EMA. A break would open 133.15, the Feb 10 high. The primary trend remains up and the bull trigger is 137.50/53. Clearance of this hurdle would expose 138.62, the Aug 25 2015 high.

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