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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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  • RES 4: 127.08 High Sep 1 and primary resistance
  • RES 3: 126.46 High Sep 10
  • RES 2: 125.79 76.4% retracement of the Sep - Oct Sell-Off
  • RES 1: 125.13 High Nov 9
  • PRICE: 124.19 @ 16:48 GMT Nov 11
  • SUP 1: 123.92 Low Nov 11
  • SUP 2: 122.69 Low Nov 9
  • SUP 3: 122.21 Low Nov 5
  • SUP 4: 121.62 Low Oct 30 and key support

EURJPY traded sharply higher Monday and maintains a positive tone with recent gains signaling a reversal of the recent bearish theme. The cross has convincingly breached resistance highlighted by the 20- and 50-day EMA's. Furthermore, the cross has also cleared its bear channel resistance drawn off the Sep 1 high. This has opened 125.79, a Fibonacci retracement ahead of the early September highs of 126.46. Support is at 122.69.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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