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Trend Indicators Remain Bearish

EURJPY TECHS
  • RES 4: 131.09 High Jul 13
  • RES 3: 130.56 High Jul 29
  • RES 2: 129.71/130.01 High Aug 16 / High Aug 5
  • RES 1: 129.14 Low Aug 8 / High Aug 23
  • PRICE: 128.91 @ 20:40 BST Aug 24
  • SUP 1: 127.94 Low Aug 19
  • SUP 2: 127.88 38.2% retracement of the Oct '20 - Jun rally
  • SUP 3: 127.31 Low Feb 17
  • SUP 4: 126.44 Low Feb 9

EURJPY remains in a downtrend. Last week's key technical development was the break of 128.60, Jul 20 low. This confirmed a resumption of the current downtrend paving the way for an extension of the bearish cycle. Note too that the move lower also confirmed a clear breach of the 200-dma. Attention is on 127.88, 38.2% of the Oct '20 - Jun rally. Initial firm resistance is at 129.71.

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