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Attention Is On Key Resistance

  • RES 4: 127.88 0.618 proj of May 6 - Jun 5 rally from Oct 30 low
  • RES 3: 127.50 High Mar 1, 2019
  • RES 2: 127.08 High Sep 1 and key resistance
  • RES 1: 127.05 Bull channel top drawn off the Oct 30 low
  • PRICE: 126.42 @ 06:11 GMT Dec 9
  • SUP 1: 125.78 Low Dec 2
  • SUP 2: 125.13 High Nov 9 and recent breakout level
  • SUP 3: 124.41 Low Dec 1
  • SUP 4: 124.27 50-day EMA

EURJPY is still trading below recent highs but the outlook remains bullish. The cross recently cleared the former bull trigger at 125.13, Nov 9 high and 125.79, 76.4% of the downleg between Sep 1 and Oct 30. This reinforces bullish conditions and opens resistance at 127.08, Sep 1 high. A break of 127.08 would confirm a resumption of the broader uptrend that started in May. Initial support is seen at 125.78, the Dec 2 low.

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