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Uptrend Remains Intact

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: 159.49 High Aug 22
  • PRICE: 158.46 @ 15:35 BST Aug 28
  • SUP 1: 156.87 Low Aug 23
  • SUP 2: 156.09 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 current EURJPY uptrend remains intact and last week’s pullback is considered corrective. Key resistance at 158.05, the Jul 21 high, was cleared recently, confirming a resumption of the M/T uptrend. Sights are on 159.92, a Fibonacci projection ahead of the 160.00 psychological handle. Moving average studies remain in a bull-mode condition, reflecting a rising trend. On the downside, support to watch is 156.09, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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