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EUR/JPY Weekly Outlook


EUR/JPY’s robust rebound from 153.32 final week argues that pull again from 157.99 has accomplished already. Preliminary bias is now mildly on the upside this week for retesting 157.99 first. Agency break there’ll resume bigger up pattern. On the draw back, break of 153.32 will lengthen the pull again from 157.99 to 55 D EMA (now at 152.38) and probably under.

Within the larger image, so long as 151.60 resistance turned assist holds, rise from 114.42 (2020 low) is in progress. On resumption, subsequent goal is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. Nonetheless, sustained break of 151.60 will argue that bigger correction is already underway.

In the long run image, rise from 109.03 (2016 low) is seen because the third leg of the entire up pattern from 94.11 (2012 low). Subsequent goal is 100% projection of 94.11 to 149.76 from 109.03 at 164.68, and probably additional to 169.96 (2008 excessive).

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