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Eyeing Resistance

EURJPY TECHS
  • RES 4: 132.92 High Oct 29, 2021
  • RES 3: 132.53/56 3% Upper Bollinger Band / High Nov 4
  • RES 2: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 1: 131.60 High Jan 5 and the bull trigger
  • PRICE: 130.92 @ 06:29 GMT Jan 18
  • SUP 1: 129.78 Low Jan 14 and key short-term support
  • SUP 2: 129.20 Low Dec 27
  • SUP 3: 128.57 Low Dec 22
  • SUP 4: 128.05 Low Dec 21

EURJPY technical conditions remain bullish and Friday’s recovery from just below the 50-day EMA is a positive development. 129.78, Jan 14 low, is seen as a key short-term support that potentially marks the end of the recent corrective pullback. A broader bullish theme is highlighted by the moving average set-up that continues to point north. Attention is on 132.04, a Fibonacci retracement. The bull trigger is 131.60, Jan 5 high.

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