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Trips Bull Trigger

EURJPY TECHS
  • RES 4: 165.15 2.0% 10-dma envelope
  • RES 3: 165.00 Round number resistance
  • RES 2: 164.30 High Nov 16 and a key medium-term resistance
  • RES 1: 163.76 High Mar 19
  • PRICE: 163.75 @ 16:12 GMT Mar 19
  • SUP 1: 161.95 Low Mar 18
  • SUP 2: 161.07/22 Trendline drawn from Dec 7 low / Low Mar 11
  • SUP 3: 159.47 Low Feb 8
  • SUP 4: 158.92 Low Feb 7

EURJPY traded through the bull trigger Tuesday, firming the near-term outlook. Clearance here opens 164.30, the Nov 16 high. Key trendline support - at 161.07 - drawn from the Dec 7 low remains intact. The trendline has recently been pierced. A clear break of the line is required to signal a reversal, paving the way initially for 158.92, the Feb 7 low. While the trendline holds, the outlook is bullish.

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