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Bull Cycle Still In Play

EURJPY TECHS
  • RES 4: 164.30 High Nov 16 and key resistance
  • RES 3: 163.72 High Nov 27
  • RES 2: 162.25 High Nov 29
  • RES 1: 161.86 High Jan 19
  • PRICE: 160.83 @ 16:02 GMT Jan 23
  • SUP 1: 159.98/158.55 Low Jan 17 / 12 and a key short-term support
  • SUP 2: 157.21 Low Jan 9
  • SUP 3: 155.08/153.23 Low Jan 02 / Dec 07 and bear trigger
  • SUP 4: 152.24 3.764 proj of the Nov 16 - 21 - 27 price swing

EURJPY is holding on to its recent gains. Last week’s rally strengthened a short-term bullish condition and resulted in a breach of 160.18, the Jan 11 high. The break confirms a resumption of the uptrend. Note that 161.69, 76.4% of the Nov 16 - Dec 7 bear leg, has been pierced. A clear break of this retracement would open 162.25, the Nov 29 high. Initial firm support lies at 158.55, the Jan 12 low.

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