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Tests Support At The 20-Day EMA

EURJPY TECHS
  • RES 4: 166.97 1.50 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 3: 165.99 1.382 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 2: 164.77 1.236 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 1: 163.56/164.30 High Nov 20 / 16 and the bull trigger
  • PRICE: 162.42 @ 07:08 GMT Nov 22
  • SUP 1: 161.25 Low Nov 21
  • SUP 2: 159.72 50-day EMA
  • SUP 3: 159.07 Low Nov 1 / 2
  • SUP 4: 157.70 Low Oct 30

The primary uptrend in EURJPY remains intact and the recent pullback appears to be a correction. The cross has tested support at the 20-day EMA - at 161.40. A break of this average would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 159.72. On the upside, a resumption of gains would refocus attention on 164.30, the Nov 16 high. A break would resume the uptrend.

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