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Heading South

EURJPY TECHS
  • RES 4: 132.56/76 High Nov 4 / 3% Upper Bollinger Band
  • RES 3: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 2: 131.60 High Jan 5 and the bull trigger
  • RES 1: 129.82/131.18 20- and 50-day EMA / High Jan 18
  • PRICE: 128.77 @ 20:34 GMT Jan 26
  • SUP 1: 128.25 Low Jan 25
  • SUP 2: 128.05 Low Dec 21
  • SUP 3: 127.39 Low Dec 6 and a major support
  • SUP 4: 127.04 Low Feb 15, 2021

EURJPY remains under pressure following the recent move lower and the cross is trading below its 50-day EMA. Price Tuesday probed 128.38, a Fibonacci retracement. A clear break of this level would expose 127.39, the Dec 6 low and a key near-term support. Key short-term resistance has been defined at 131.60, Jan 5 high. Initial resistance though is at 129.82, the 20- and 50-day EMAs.

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