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Bear Cycle Extends

EURJPY TECHS
  • RES 4: 132.30/56 3% Upper Bollinger Band / High Nov 4
  • RES 3: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 2: 131.60 High Jan 5 and the bull trigger
  • RES 1: 130.31/131.18 20-day EMA / High Jan 18
  • PRICE: 129.51 @ 06:35 GMT Jan 19
  • SUP 1: 129.39 Intraday low
  • SUP 2: 129.00 61.8% retracement of the Dec 3 - Jan 5 high
  • SUP 3: 128.38 76.4% retracement of the Dec 3 - Jan 5 high
  • SUP 4: 128.05 Low Dec 21

EURJPY has failed to hold onto recent highs and is trading lower again today. The move down threatens the recent bullish theme and the cross is trading below its 50-day EMA. A deeper pullback would open 129.00 and 128.38, Fibonacci retracement levels. On the upside, key short-term resistance has been defined at 131.60, Jan 5 high, where a break is required to reinstate the recent bullish theme.

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