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Breaches Key Resistance

EURJPY TECHS
  • RES 4: 128.59 High Dec 17, 2018
  • RES 3: 128.39 High Dec 20. 2018
  • RES 2: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 1: 127.61 Intraday high
  • PRICE: 127.59 @ 06:42 GMT Feb 15
  • SUP 1: 127.04 Low Dec 15
  • SUP 2: 126.57 20-day EMA
  • SUP 3: 126.10 Low Feb 4
  • SUP 4: 125.60 Low Jan 27

The EURJPY outlook remains bullish and the cross has traded above key resistance at 127.49, Jan 7 high. A clear break of this hurdle would confirm a resumption of the broader uptrend that has been in place since early May 2020. This would open 127.88 initially, a Fibonacci projection. On the downside, initial firm support is at 126.57, the 20-day EMA. Current trend support though lies at 126.10, Feb 4 low.

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