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Trend Needle Still Points North

EURJPY TECHS
  • RES 4: 140.03 High Jun 23 2015
  • RES 3: 139.00 High Aug 21 2015 and a key resistance
  • RES 2: 138.62 High Aug 25 2015
  • RES 1: 137.50/53 High Feb 2 ‘18 and major resistance / High Mar 28
  • PRICE: 135.78 @ 17:43 BST Apr 4
  • SUP 1: 133.94 Low Mar 28
  • SUP 2: 132.95 Low Mar 24
  • SUP 3: 132.78 20-day EMA
  • SUP 4: 131.21 50-day EMA

The EURJPY outlook remains bullish and any near-term pullback is considered corrective. The cross traded to a fresh trend high on Mar 28 and breached a key resistance at 134.13, Jun 1 2021 high, on Mar 24. This strengthens bullish conditions. The trend is however in overbought territory although key short-term support levels remain intact for now. Initial firm support to watch is seen at 133.94, Mar 28 low. 137.50/53 is the bull trigger.

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