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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: 159.76 High Aug 30 and the bull trigger
  • PRICE: 157.46 @ 16:10 BST Sep 7
  • SUP 1: 156.87 Low Aug 23
  • SUP 2: 156.72 50-day EMA
  • SUP 3: 155.11 Low Jul 31
  • SUP 4: 154.61 61.8% retracement of the Jul 28 - Aug 30 rally

EURJPY faded slightly Thursday, touching pullback lows at 157.36. The recent pullback is considered corrective and the trend outlook remains bullish. The next bull trigger is 159.76, the Aug 30 high and a clear break of this level would confirm a resumption of the uptrend. On the downside, key support to watch is the 50-day EMA - at 156.72. A clear breach of this EMA would undermine the uptrend and highlight a possible short-term reversal.

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