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Corrective Bounce

EURJPY TECHS
  • RES 4: 131.59 High Nov 5
  • RES 3: 129.85 50-day EMA
  • RES 2: 129.99 High Nov 19
  • RES 1: 128.79/129.60 High Dec 1 / High Nov 23 and key resistance
  • PRICE: 127.78 @ 16:59 GMT Dec 7
  • SUP 1: 127.39 Low Dec 3 / Dec 6 and the bear trigger
  • SUP 2: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 3: 127.04/126.65 Low Feb 15 / Low Feb 10
  • SUP 4: 125.82 1.236 proj of the Jun1 - Sep 22 - Oct 20 price swing

EURJPY gains are for now at least, considered corrective and the outlook remains bearish. A bearish theme follows the recent breach of 127.93, Sep 22 low and an important support. The break opens 127.04, Feb 15 low and note that moving average studies still point south suggesting potential for a deeper decline further out. Key short-term resistance to watch is at 129.60, Nov 23 high. A break would signal a reversal.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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