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EUR/JPY Weekly Outlook


EUR/JPY rebounded strongly after dipping to 137.32 final week, however stays beneath 142.28 resistance. Preliminary bias stays impartial this week first. On the upside, break of 142.28 will point out that the pull again from 145.62 has accomplished, and produce stronger rally to retest this excessive. On the draw back, although, break of 139.40 minor assist will flip bias again to the draw back, to renew the autumn from 145.62 by way of 137.32 assist.

Within the greater image, so long as 133.38 assist holds, the up pattern from 114.42 (2020 low) might nonetheless prolong by way of 145.62 excessive. In that case, subsequent goal is 149.76 (2015 excessive). Nevertheless, sustained break of 133.38 will probably be an indication of medium time period bearish reversal and produce deeper fall to 124.37 assist first.

In the long run image, so long as 55 month EMA (now at 129.41) holds, up pattern 109.03 ought to nonetheless prolong greater to 149.76 resistance (2014 excessive). Nevertheless, sustained break of 55 month EMA will argue that the three wave sample has accomplished, and produce deeper fall again to 109.03/114.42 assist zone.

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