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Corrective Bounce

EURJPY TECHS
  • RES 4: 159.65 50-day EMA
  • RES 3: 159.51 20-day EMA
  • RES 2: 158.67 High Dec 7 and key short-term resistance
  • RES 1: 157.68 High Dec 8
  • PRICE: 157.27 @ 06:57 GMT Dec 13
  • SUP 1: 155.68/153.23 Low Dec 11 / 7 and the bear trigger
  • SUP 2: 152.24 3.764 proj of the Nov 16 - 21 - 27 price swing
  • SUP 3: 151.42 Low Jul 28 and a key support
  • SUP 4: 150.92 Low Jun 14

EURJPY traded sharply lower on Dec 7 and this strengthens a bearish theme. The recent recovery from that day’s 153.23 low is considered corrective and key short-term resistance to watch is at 158.67, the Dec 7 high. A break would signal scope for a continuation higher. On the downside, a resumption of weakness would signal potential for a move towards 151.42, the Jul 28 low.

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