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Extending Bounce, Nearing Bull Trigger

EURJPY TECHS
  • RES 4: 134.14 3.0% Upper Bollinger Band
  • RES 3: 133.48/82 High Oct 20 and key resistance / 2.0% 10-dma env
  • RES 2: 133.15 High Feb 10
  • RES 1: 131.91 High Feb 16
  • PRICE: 131.23 @ 16:13 GMT Feb 16
  • SUP 1: 130.05 Low Feb 14
  • SUP 2: 129.41 76.4% retracement of the Jan 25 - Feb 10 rally
  • SUP 3: 129.19 Low Feb 3
  • SUP 4: 128.25 Low Jan 25 and a key short-term support

EURJPY has extended the bounce off recent lows, chewing further through the downtick posted on Friday. The bull trigger remains at 133.15, Feb 10 high, meaning rallies will target this level before shifting sights to 133.48 and above. To the downside, a key support zone is seen at 130.65-20 marking the area between the 20- and 50-day EMAs. The lower level has been probed and Monday’s low is also seen as a key short-term support - at 130.05.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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