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Bull Flag Formation

EURJPY TECHS
  • RES 4: 127.88 0.618 proj of May 6 - Jun 5 rally from Oct 30 low
  • RES 3: 127.32/ 50 High Mar 1, 2019
  • RES 2: 127.08/49 High Sep 1 / Bull channel top drawn off Oct 30 low
  • RES 1: 126.74 High Dec 10 and the bull trigger
  • PRICE: 125.96 @ 06:19 GMT Dec 16
  • SUP 1: 125.79 Low Dec 9 / 11
  • SUP 2: 125.13 High Nov 9 and recent breakout level
  • SUP 3: 124.41 Low Dec 1
  • SUP 4: 124.61 50-day EMA

EURJPY is consolidating and remains below recent highs. The outlook is bullish. Recent activity still appears to be a bull flag formation, a continuation pattern that reinforces underlying bullish conditions. The cross recently cleared the former bull trigger at 125.13, Nov 9 high and 125.79, 76.4% of the downleg between Sep 1 and Oct 30, strengthening the bullish case. Key resistance is at 127.08, Sep 1 high. A break would confirm a resumption of the broader uptrend. Initial support is at 125.79.

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