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Back In The Range

EURJPY TECHS
  • RES 4: 127.50/75 High Mar 1, 2019 / Bull channel top off Oct 30 low
  • RES 3: 127.08 High Sep 1 and the bull trigger
  • RES 2: 127.01 High Dec 18
  • RES 1: 126.67 Intraday high
  • PRICE: 126.03 @ 06:19 GMT Dec 21
  • SUP 1: 125.71 Low Dec 16
  • SUP 2: 125.13 High Nov 9 and recent breakout level
  • SUP 3: 124.82 50-day EMA
  • SUP 4: 124.77 Bull channel base drawn off the Oct 30 low

EURJPY is lower this morning and trading back inside its recent consolidative range following. This recent side-ways activity appears to be a bull flag, a continuation pattern that reinforces bullish conditions. Attention is on the Sep 1 high of 127.08 where a break would confirm a resumption of the uptrend that started early May. On the downside, initial firm support lies at 125.71. A break is required to suggest scope for a deeper corrective pullback.

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