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Trading Closer To Its Recent Trend Highs

EURJPY TECHS
  • RES 4: 160.66 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.00 Psychological handle
  • RES 2: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 1: 159.49 High Aug 22
  • PRICE: 158.91 @ 06:51 BST Aug 30
  • SUP 1: 157.88/156.87 20-day EMA / Low Aug 23
  • SUP 2: 156.29 50-day EMA
  • SUP 3: 155.11 Low Jul 31
  • SUP 4: 154.50 61.8% retracement of the Jul 28 - Aug 22 rally

The uptrend in EURJPY remains intact and the cross is trading closer to its recent trend highs. Key resistance at 158.05, the Jul 21 high, was breached on Aug 10. This confirmed a resumption of the M/T uptrend and sights are on 159.92, a Fibonacci projection ahead of the 160.00 psychological handle. Moving average studies are in a bull-mode condition, reflecting a rising trend. On the downside, support to watch is the 50-day EMA, at 156.29.

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