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Through Key Short-Term Resistance

EURJPY TECHS
  • RES 4: 140.00 Round number resistance
  • RES 3: 139.38 0.382 proj of the Mar 7 - 28 - Apr 8 price swing
  • RES 2: 139.00 High Aug 21 2015 and a key resistance
  • RES 1: 138.62 High Aug 25 2015
  • PRICE: 138.14 @ 06:53 BST Apr 19
  • SUP 1: 134.93/134.36 20-day EMA / Low Apr 8 and a key support
  • SUP 2: 133.94 Low Mar 28
  • SUP 3: 132.86 50-day EMA
  • SUP 4: 131.59 Low Mar 22

EURJPY is firmer this morning. The cross has traded through its key short-term resistance of 137.50/53, the Feb 2 ‘18 high and Mar 28 high respectively. This confirms a resumption of the current bull cycle that started Mar 7. The move higher also confirms the end of the recent corrective phase. The focus is on 138.62, the Aug 25 2015 high. On the downside, key short-term trend support has been defined at 134.36, the Apr 8 low.

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