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Trend Needle Continues To Point North

  • 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: 159.22 High Aug 11
  • PRICE: 158.68 @ Close Aug 14
  • SUP 1: 156.92/155.54 20-day EMA / Low Aug 3
  • SUP 2: 155.12 50-day EMA
  • SUP 3: 151.42 Low Jul 28 and key support
  • SUP 4: 150.16 38.2% retracement of the Jan 3 - Jul 21 bull cycle

EURJPY is consolidating. Last week’s gains strengthened bullish conditions and key resistance at 158.05, the Jul 21 high, has been breached. The break confirms a continuation of the medium-term uptrend and opens 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. Initial firm support lies at 156.73, the 20-day EMA.

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