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Tests Key Short-Term Support

EURJPY TECHS
  • RES 4: 171.64 2.00 proj of the Jan 1 - 19 - Feb 1 price swing
  • RES 3: 171.56 High Apr 29
  • RES 2: 170.04 1.764 proj of the Jan 1 - 19 - Feb 1 price swing
  • RES 1: 168.66 High May1
  • PRICE: 167.05 @ 06:11 BST May 2
  • SUP 1: 164.55 Trendline drawn from the Dec 7 ‘23 low
  • SUP 2: 164.07 50-day EMA
  • SUP 3: 163.02 Low Apr 19
  • SUP 4: 162.28 Low Apr 12

The EURJPY trend condition remains bullish and the recent volatile bearish phase is considered corrective. This is allowing an overbought trend condition to unwind. Yesterday’s steep sell-off resulted in a test of support at 164.55, a trendline drawn from the Dec 7 ‘23 low. Note that 164.07 marks the 50-day EMA. A clear break of both support points would signal scope for a deeper retracement. Initial resistance to watch is 168.66, yesterday’s high.

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