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EURJPY Bounced Off A Horizontal-Line, Signals Further Recovery

Sep 28 2017, 12:18 AM (CDT) |


Even after breaking an immediate ascending trend-line, the EURJPY failed to extend its downturn as a fortnight-long horizontal-line, around 132.00, triggered the pair's U-turn which presently helps it to aim for 132.90 and the 133.25 nearby resistances. Given the quote extend its recovery beyond 133.25, the 133.70-75, the 134.00 and the 134.40 might offer consecutive stops to its northward trajectory towards 61.8% FE level of 134.85.

Meanwhile, pair's break of 132.00 may quickly drag it to another TL support, at 131.20 now, and then to the 131.00 round-figure. Should prices keep declining after 131.00, the 130.60, the 130.00 and the 129.30 are likely following rests that can be availed.

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