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- RES 4: 128.69 61.8% 2018 - 2020 Decline
- RES 3: 127.60 2.0% 10-dma envelope
- RES 2: 126.81 High Apr 17, 2019
- RES 1: 126.21 High Aug 12
- PRICE: 126.00 @ 04:37 BST Aug 13
- SUP 1: 124.34 Low Aug 10/11
- SUP 2: 122.84 Low Jul 24 and key support
- SUP 3: 122.47 Low Jul 21
- SUP 4: 121.82 Low Jul 15 and 16
Another milestone fell in the EUR/JPY rally Wednesday, with the 50% retracement of the 2018-2020 decline giving way at 125.96. This keeps the outlook resolutely bullish. RSI measures have moderated, which may give markets an opportunity to reinitiate fresh longs on any further leg higher. To the downside, a close below 123.06 would signal a top and highlight the potential for a correction.