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Bulls Pause For Breath

EURJPY TECHS
  • RES 4: 126.46 High Sep 10
  • RES 3: 125.79 76.4% retracement of the Sep - Oct Sell-Off
  • RES 2: 125.13 High Nov 9
  • RES 1: 124.68 High Nov 11
  • PRICE: 124.16 @ 11:08 GMT Nov 13
  • SUP 1: 123.48 20-day EMA
  • SUP 2: 122.69 Low Nov 9
  • SUP 3: 122.45 76.4% retracement of the Oct 30 - Nov 9 rally
  • SUP 4: 122.21 Low Nov 5

EURJPY traded sharply higher on Nov 9 and maintains a positive tone. The cross has convincingly breached resistance highlighted by the 20- and 50-day EMA's. Furthermore, price has also cleared its bear channel resistance drawn off the Sep 1 high. This has opened 125.79, a Fibonacci retracement. Pullbacks are considered corrective. Firm support is seen at 122.69, Sep 11 low.

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