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Bearish Reversal

EURJPY TECHS
  • RES 4: 144.00 Round number resistance
  • RES 3: 143.16 61.8% retracement of the Dec 15 - Jan 3 bear leg
  • RES 2: 142.86/94 High Jan 11 / High Dec 28 and key resistance
  • RES 1: 141.53 20-day EMA
  • PRICE: 139.60 @ 07:11 GMT Jan 13
  • SUP 1: 139.33 Intraday low
  • SUP 2: 138.68 76.4% retracement of the Jan 3 - 11 rally
  • SUP 3: 137.39 Low Jan 3 and the bear trigger
  • SUP 4: 137.03 Low Aug 29

EURJPY traded sharply lower Thursday and remains soft. The cross found resistance this week just above the 50-day EMA, at 142.47. This leaves key resistance at 142.94, the Dec 28 high, intact and confirms the recent recovery as corrective. A stronger reversal lower would refocus attention on 137.39, the Jan 3 low, where a break would resume the 2-month downtrend and open 137.03, the Aug 29 low. A break of 142.94 is required to signal a reversal.

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