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Corrective Bounce

EURJPY TECHS
  • RES 4: 129.45 50-day EMA
  • RES 3: 128.63 20-day EMA
  • RES 2: 127.39 Low Dec 3/6 and a recent breakout level
  • RES 1: 126.73 High Mar 8
  • PRICE: 126.42 @ 06:26 GMT Mar 9
  • SUP 1: 124.40/28 Low Mar 7 / 50.0% of the 2020 - 2021 bulls cycle
  • SUP 2: 123.45 1.618 proj of the Jan - Sep - Oct ‘21 price swing
  • SUP 3: 123.01 Low Nov 20 2020
  • SUP 4: 128.85 Low Nov 19 2020

EURJPY remains bearish despite the recovery from Monday’s low of 124.40. A bearish theme follows last week’s sell-off that confirmed a resumption of the downtrend and highlights an acceleration of the current bear cycle. The focus is on 124.28 next, 50.0% of the 2020 - 2021 bulls cycle. On the upside, resistance is seen at 127.39, the Dec 3/6 low and a recent key breakout level. Short-term gains are considered corrective.

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