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Bearish Risk Still Present

EURJPY TECHS
  • RES 4: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 3: 131.60 High Jan 5 and the bull trigger
  • RES 2: 131.18 High Jan 18
  • RES 1: 129.62/74 20- and 50-day EMA values
  • PRICE: 128.56 @ 16:48 GMT Jan 28
  • SUP 1: 128.25 Low Jan 25
  • SUP 2: 128.05 Low Dec 21
  • SUP 3: 127.39 Low Dec 6 and a major support
  • SUP 4: 127.04 Low Feb 15, 2021

EURJPY remains inside its recent range. The cross is vulnerable though following the recent move lower and break of its 50-day EMA. The cross has probed 128.38, a Fibonacci retracement. A clear break of this level would expose 127.39, the Dec 6 low and a key near-term support. Key short-term resistance has been defined at 131.60, Jan 5 high. Initial resistance though is at 129.62/74, the 20- and 50-day EMAs.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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