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Trend Needle Points North

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: 159.76 High Aug 30 and the bull trigger
  • PRICE: 158.33 @ 07:06 BST Sep 5
  • SUP 1: 156.87 Low Aug 23
  • SUP 2: 156.58 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 pullback in EURJPY from last week’s high appears to be a correction and the trend outlook remains bullish. Last week’s fresh cycle high reinforced the bull trend and confirmed a resumption of it. The next bull trigger is 159.76, the Aug 30 high. On the downside, key support to watch is the 50-day EMA - at 156.58. A clear break of this average would undermine the uptrend and signal a possible short-term reversal.

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