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Watching Support

EURJPY TECHS
  • RES 4: 171.64 2.00 proj of the Jan 1 - 19 - Feb 1 price swing
  • RES 3: 171.56 High Apr 29
  • RES 2: 170.04 1.764 proj of the Jan 1 - 19 - Feb 1 price swing
  • RES 1: 167.39/168.66 High May 2 / 1
  • PRICE: 166.33 @ 06:48 BST May 7
  • SUP 1: 164.19/02 50-day EMA / Low May 3
  • SUP 2: 163.02 Low Apr 19
  • SUP 3: 162.28 Low Apr 12
  • SUP 4: 161.95 Low Mar 18

The primary trend in EURJPY is bullish and the recent volatile bearish phase is considered corrective. This is allowing an overbought condition to unwind. The cross has breached the 20-day EMA and pierced support at 164.87, a trendline drawn from the Dec 7 ‘23 low. The 50-day EMA, at 164.19, has also been pierced. A clear break of these support points would signal scope for a deeper retracement. Initial resistance is 167.39, the May 2 high.

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