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Trend Needle Points North

EURJPY TECHS
  • RES 4: 161.52 2.618 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.94 2.50 proj of the May 11 - 29 - 31 price swing
  • RES 2: 160.36 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 1: 159.92 High Oct 24 and key short-term resistance
  • PRICE: 159.40 @ 06:50 GMT Oct 31
  • SUP 1: 157.72 50-day EMA
  • SUP 2: 156.98 Low Oct 16
  • SUP 3: 155.83 Low Oct 4
  • SUP 4: 154.46 Oct 3 and the bear trigger

The trend outlook in EURJPY remains bullish and the recovery from yesterday’s low signals the end of the recent corrective pullback. Key short-term resistance and the bull trigger has been defined at 159.92, Oct 24 high. A clear break of this level would confirm a resumption of the uptrend and open 160.36, a Fibonacci projection. Initial firm support lies at 157.72, the 50-day EMA. Key support is far off at 154.46, the Oct 3 low.

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