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Bearish Extension

EURJPY TECHS
  • RES 4: 132.21/56 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: 130.25/131.18 20-day EMA / High Jan 18
  • PRICE: 129.10 @ 20:51 GMT Jan 20
  • SUP 1: 129.00 61.8% retracement of the Dec 3 - Jan 5 high
  • SUP 2: 128.38 76.4% retracement of the Dec 3 - Jan 5 high
  • SUP 3: 128.05 Low Dec 21
  • SUP 4: 127.39 Low Dec 6 and a major support

EURJPY has failed to hold onto recent highs and traded lower again Thursday. The move lower further threatens the recent bullish theme and the cross is trading below its 50-day EMA. Price is approaching 129.00 where a break would open 128.38. Both are 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.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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