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Heading North

EURJPY TECHS
  • RES 4: 163.72 High Nov 27
  • RES 3: 162.25 High Nov 29
  • RES 2: 161.69 76.4% retracement of the Nov 16 - Dec 7 bear leg
  • RES 1: 160.66 Intraday high
  • PRICE: 160.62 @ 07:07 GMT Jan 17
  • SUP 1: 158.55 Low Jan 12
  • SUP 2: 157.21 Low Jan 9 and a key short-term support
  • SUP 3: 155.08/153.23 Low Jan 02 / Dec 07 and bear trigger
  • SUP 4: 152.24 3.764 proj of the Nov 16 - 21 - 27 price swing

EURJPY maintains a firmer tone and the cross is trading higher today. This week’s gains strengthens a short-term bullish theme and has resulted in a move through resistance at 160.18, the Jan 11 high. The break confirms a resumption of the uptrend and maintains the current price sequence of higher highs and higher lows. Sights are on 161.69, the 76.4% retracement. Initial firm support lies at 158.55, the Jan 12 low.

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