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Trend Direction Remains Up

EURJPY TECHS
  • RES 4: 139.00 High Aug 21 2015 and a key resistance
  • RES 3: 138.62 High Aug 25 2015
  • RES 2: 137.50/53 High Feb 2 ‘18 and major resistance / High Mar 28
  • RES 1: 137.13 High Apr 11
  • PRICE: 136.79 @ 13:15 BST Apr 18
  • SUP 1: 134.32/133.94 20-day EMA / Low Apr 5
  • SUP 2: 133.15 High Feb 10
  • SUP 3: 132.38 50-day EMA
  • SUP 4: 131.59 Low Mar 22

The EURJPY pullback from 137.53, Mar 28 high still appears to be a correction and this has allowed an overbought condition to unwind. Support to watch is at 134.32/133.94, the 20-day EMA and Mar 28 low respectively. A break lower would open 133.15, the Feb 10 high. The primary trend remains up and the bull trigger is 137.50/53. Clearance of this hurdle would resume the uptrend and expose 138.62, the Aug 25 2015 high.

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