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EUROPE SUMMARY: Stg Straddle Buying Continues

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Call Tree Update

Eyeing The January High

EURJPY TECHS
  • RES 4: 128.39 High Dec 20. 2018
  • RES 3: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 2: 127.49/50 High Jan 7 / High Mar 1, 2019
  • RES 1: 127.34 High Jan 29
  • PRICE: 126.30 @ 17:20 GMT Feb 2
  • SUP 1: 126.26 20-day EMA
  • SUP 2: 125.60 Low Jan 27
  • SUP 3: 125.09 Low Jan 18
  • SUP 4: 124.85 100-DMA

EURJPY maintains a bullish tone despite trading softer into the Tuesday close. Last week's strength reinforces the current positive theme with attention on resistance at 127.49, Jan 7 high. A break of this hurdle would confirm a resumption of the broader uptrend that has been in place since early May 2020. This would open 127.88 initially, a Fibonacci projection. On the downside, initial support is at 126.26, the 20-day EMA.

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