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Support Remains Intact

EURJPY TECHS
  • RES 4: 141.41 3.0% 10-dma envelope
  • RES 3: 141.06 High Jun 4 2015 and a key resistance
  • RES 2: 140.93 0.50 proj of the Mar 7 - 28 - Apr 8 price swing
  • RES 1: 138.00/140.00 High Apr 28 / High Apr 21 and the bull trigger
  • PRICE: 136.76 @ 20:05 BST May 4
  • SUP 1: 134.79/55 Low Apr 27 / 2.0% 10-dma envelope
  • SUP 2: 134.46/30 50-day EMA / Low Apr 5 and a key support
  • SUP 3: 132.95 Low Mar 24
  • SUP 4: 132.33 Low Mar 23

The recent pullback in EURJPY appears to be a correction. The cross has remained above key support highlighted by the 50-day EMA. The average intersects at 134.46, just above an important support at 134.30, Apr 5 low. While this 134.46-30 zone holds, the trend condition remains bullish. Initial resistance is unchanged at 138.00, Apr 28 high. The bull trigger is also unchanged at 140.00, Apr 21 high.

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