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Bull Cycle Extends

EURJPY TECHS
  • RES 4: 163.72 High Nov 27
  • RES 3: 162.25 High Nov 29
  • RES 2: 161.69 76.4% retracement of the Nov 16 - Dec 7 bear leg
  • RES 1: 160.07 61.8% retracement of the Nov 16 - Dec 7 bear leg
  • PRICE: 159.79 @ 06:37 GMT Jan 11
  • SUP 1: 157.21 Low Jan 9
  • SUP 2: 155.08/153.23 Low Jan 02 / Dec 07 and bear trigger
  • SUP 3: 152.24 3.764 proj of the Nov 16 - 21 - 27 price swing
  • SUP 4: 151.42 Low Jul 28 and a key support

EURJPY traded sharply higher yesterday. The rally strengthens a short-term bullish theme and has resulted in a clear break of resistance at 158.57, the Dec 19 high. Note too that the 50-day EMA has also been cleared. Attention is on 160.07, 61.8% of the Nov 16 - Dec 7 bear leg. A break would open 161.69, the 76.4% Fibonacci retracement. Initial firm support lies at 157.21, the Jan 9 low.

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