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Corrective Cycle Remains In Play
- RES 4: 164.30 High Nov 16 and key resistance
- RES 3: 163.72 High Nov 27
- RES 2: 162.25 High Nov 29
- RES 1: 160.97/161.86 High Jan 25 / 19 and the bull trigger
- PRICE: 160.07 @ 20:34 GMT Jan 30
- SUP 1: 159.14 50-day EMA
- SUP 2: 158.55 Low Jan 12 and a key short-term support
- SUP 3: 157.21 Low Jan 9
- SUP 4: 156.08 Low Jan 4
The EURJPY trend condition remains bullish and the latest pullback appears to be a correction. The recent breach of resistance at 160.18, the Jan 11 high, confirmed a resumption of the uptrend. Note that 161.69, 76.4% of the Nov 16 - Dec 7 bear leg, has been pierced. A clear break of this retracement point would open 162.25, the Nov 29 high. Initial firm support is at 158.55, the Jan 12 low. Clearance of this level would be a bearish development.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.