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Bullish Theme Intact Despite Pullback

EURJPY TECHS
  • RES 4: 129.34 0.764 projection of May - Jun rally from Oct 30 low
  • RES 3: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 2: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 1: 127.49/50 High Jan 7 / High Mar 1, 2019
  • PRICE: 126.69 @ 16:51 GMT Jan 12
  • SUP 1: 126.46 20-day EMA
  • SUP 2: 126.17/05 Channel base drawn off Oct 30 low / Low Jan 5
  • SUP 3: 125.71 Low Dec 16
  • SUP 4: 125.67 50-day EMA

EURJPY is slightly weaker, but maintains a bullish theme following last week's gains. The cross cleared resistance at the 127.00 handle and 127.08, Sep 1 high. This ends the recent broad consolidative phase and importantly confirms a resumption of the uptrend that started early May. Scope is seen for a climb to 127.50, Mar 1, 2019 high and 127.88, a Fibonacci projection. On the downside, 126.46 marks the initial support.

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