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Trading Closer To Its Recent Low

EURJPY TECHS
  • RES 4: 141.06 High Jun 4 2015 and a key resistance
  • RES 3: 140.87 0.50 proj of the Mar 7 - 28 - Apr 5 price swing
  • RES 2: 138.32/140.00 High May 9 / High Apr 21 and the bull trigger
  • RES 1: 134.97/136.75 50-day EMA / High May 12
  • PRICE: 134.21 @ 06:50 BST May 16
  • SUP 1: 132.66/42 Low May 12 / 3.0% 10-dma envelope
  • SUP 2: 132.36 100-dma
  • SUP 3: 132.20 50% retracement of the Mar 7 - Apr 21 bull phase
  • SUP 4: 131.59 Low Mar 22

EURJPY fell sharply on May 12 and remains vulnerable near-term. The move lower last week marks an extension of the reversal from Apr 21. The cross has breached a number of important S/T support levels, clearing the 50-day EMA, and the Apr 5 low of 134.30. An extension lower would signal scope for a deeper retracement towards 132.36 initially - the 100-dma, before the 50% retracement of the Mar 7 - Apr 21 comes into play. Initial resistance is 136.75.

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