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Finds Support Ahead Of 125.00

EURJPY TECHS
  • RES 4: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 3: 127.49/50 High Jan 7 / High Mar 1, 2019
  • RES 2: 126.87 High Jan 12
  • RES 1: 126.25 20-day EMA
  • PRICE: 125.80 @ 07:36 GMT Jan 19
  • SUP 1: 125.09 Low Jan 18
  • SUP 2: 124.80 100-DMA
  • SUP 3: 124.56 50% retracement of the November - January Rally
  • SUP 4: 123.91 2.0% 10-dma envelope

EURJPY hit new 2021 lows Monday, extending the recent bearish tone that has been confirmed by the break of the six-week channel base. The cross has also cleared the 20- and 50-day EMAs reinforcing a bearish tone. Thus far the cross has found support ahead of the 125.00 handle. A break would pave the way for a deeper sell-off ahead of the 100-DMA next at 124.80. Key resistance and the bull trigger is at 127.49. Initial resistance is at 126.25, the 20-day EMA.

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