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Bulls Still In Charge

  • RES 4: 133.48 High Oct 20 and a key resistance
  • RES 3: 132.92 High Oct 21, 2021
  • RES 2: 132.46 1.00 proj of the Dec 3 - Jan 5 - 25 price swing
  • RES 1: 132.24 High Feb 7
  • PRICE: 131.87 @ 06:42 GMT Feb 8
  • SUP 1: 130.38, 50.0% of yesterday's large range
  • SUP 2: 129.19 Low Feb 3
  • SUP 3: 128.25 Low Jan 25 and a key short-term support
  • SUP 4: 127.39 Low Dec 6 and a major support

EURJPY remains in a bull mode following last Thursday’s strong impulsive rally and is holding onto its gains. The cross has traded above resistance at 131.60, Jan 5 high and a bull trigger. This break confirms a resumption of a bull cycle that started on December 3. The focus is on 132.46 next, a Fibonacci projection. On the downside, initial support is seen at 130.38, 50.0% of the Feb 3 range.

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