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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Finds Support Below The 50-Day EMA

  • RES 4: 133.17 3% Upper Bollinger Band
  • RES 3: 132.56 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: 130.68 @ 06:44 GMT Jan 17
  • 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

A bullish EURJPY theme remains in place and Friday’s recovery from just below the 50-day EMA is a positive development. Friday’s low of 129.78 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.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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