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Focus Is On The Bullish Engulfing Candle

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: 126.40 High Jan 19
  • PRICE: 126.31 @ 17:48 GMT Jan 22
  • SUP 1: 125.09 Low Jan 18
  • SUP 2: 124.79 100-DMA
  • SUP 3: 124.56 50% retracement of the November - January Rally
  • SUP 4: 123.72 2.0% 10-dma envelope

EURJPY recovered nicely off the Wednesday low. The focus is on Tuesday's recovery that in patterns terms, is a bullish engulfing candle. If correct, the pattern signals a potential reversal. More importantly, it also suggests the end of the recent corrective pullback from 127.49, Jan 7 high. A break of 126.21, Tuesday's high would open 126.76, Jan 13 high. Sub 125.09 levels would resume the downtrend.

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