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Approaching Resistance

EURJPY TECHS
  • RES 4: 164.30 High Nov 16 and a key medium-term resistance
  • RES 3: 163.72 High Nov 27
  • RES 2: 162.25 High Nov 29
  • RES 1: 161.86 High Jan 19 and the bull trigger
  • PRICE: 161.68 @ 06:45 GMT Feb 16
  • SUP 1: 160.37 20-day EMA
  • SUP 2: 158.92/08 Low Feb 7 / 1 and key support
  • SUP 3: 157.21 Low Jan 9
  • SUP 4: 156.08 Low Jan 4

EURJPY maintains a firmer tone and continues to hold on to its most recent gains. Attention is on key resistance at 161.86, the Jan 19 high and bull trigger. Clearance of this level would resume the uptrend that started on Dec 7 and open 162.25, the Nov 29 high. Key short-term support is unchanged at 158.08, Feb 1 low. A clear break of this level would highlight a reversal. Initial support lies at 160.37, the 20-day EMA.

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