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Bearish Threat Remains Present

  • RES 4: 131.59 High Nov 5
  • RES 3: 129.99 High Nov 19
  • RES 2: 129.57 50-day EMA
  • RES 1: 128.76/129.11 20-day EMA / High Dec 08
  • PRICE: 128.14 @ 06:29 GMT Dec 14
  • SUP 1: 127.39 Low Dec 3 / Dec 6 and the bear trigger
  • SUP 2: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 3: 127.04/126.65 Low Feb 15 / Low Feb 10
  • SUP 4: 125.82 1.236 proj of the Jun1 - Sep 22 - Oct 20 price swing

EURJPY is consolidating just above the 128.00 handle. The cross traded higher on Dec 8, but failed to clear the 20-day EMA. For bulls, a clear breach of this indicator would strengthen conditions and open the 50-day EMA, at 129.57. S/T gains are considered corrective though and the downtrend remains intact. A resumption of weakness would refocus attention on 127.39, Dec 3 low. A break of this level would resume the trend and open 127.04.

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