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Bearish Extension

EURJPY TECHS
  • RES 4: 132.33/56 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: 130.14/131.18 20-day EMA / High Jan 18
  • PRICE: 128.96 @ 06:30 GMT Jan 21
  • SUP 1: 128.56 Intraday low
  • 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 remains soft. The move lower continues to threaten the recent bullish theme and the cross is again trading below its 50-day EMA. Price is approaching 128.38, a Fibonacci retracement, where a break would expose 178.39, the Dec 6 low and a key support. Key short-term resistance has been defined at 131.60, Jan 5 high. Initial resistance though is at 130.14, the 20-day EMA.

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