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Clears Key Resistance

EURJPY TECHS
  • RES 4: 129.47 1.00 proj of the Jun - Aug - Oct 2020 price swing
  • RES 3: 128.59 High Dec 17, 2018
  • RES 2: 128.39 High Dec 20. 2018
  • RES 1: 128.27 Intraday high
  • PRICE: 128.04 @ 06:13 GMT Feb 16
  • SUP 1: 127.72 Intraday low
  • SUP 2: 127.04 Low Dec 15
  • SUP 3: 126.69 20-day EMA
  • SUP 4: 126.10 Low Feb 4

The EURJPY outlook remains bullish. The cross has started the week on a firm note, rallying yesterday and in the process cleared the key resistance at 127.49, the Jan 7 high. The break of this hurdle has confirmed a resumption of the broader uptrend that has been in place since early May 2020. With 128.00 breached too, attention shifts to 128.39, the Dec 20, 2018 high. Initial support lies at 126.98, yesterday's low.

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