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Bear Cycle Extends

  • RES 4: 134.13 High Jun 1 and a key resistance
  • RES 3: 133.76 High Jun 10
  • RES 2: 132.92/133.48 High Oct 29 / High Oct 20
  • RES 1: 131.36/59 20-day EMA / High Nov 5
  • PRICE: 130.73 @ 06:37 GMT Nov 12
  • SUP 1: 130.44 Low Nov 11
  • SUP 2: 130.05 61.8% retracement of the Sep 22 - Oct 20 rally
  • SUP 3: 129.28 Low Oct 11
  • SUP 4: 128.94 Low Oct 8

EURJPY maintains a weaker short-term tone and traded lower again yesterday. The cross has recently breached its 50- and 20-day EMAs suggesting scope for a deeper pullback. Support at 130.75, Sep 3 high has given way and this opens 130.05, a Fibonacci retracement. Broader trend signals continue to point north though and the recent sell-off is still considered corrective. Initial resistance is at 131.36, the 20-day EMA.

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