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Holding Above Support
- RES 4: 145.83 High Dec 20
- RES 3: 144.53 76.4% retracement of the Dec 15 - Jan 3 bear leg
- RES 2: 144.00 Round number resistance
- RES 1: 142.99 High Feb 6
- PRICE: 140.93 @ 16:15 GMT Feb 9
- SUP 1: 139.94/06 Low Feb 3 and a key support / Low Jan 20
- SUP 2: 138.49 2.0% 10-dma envelope
- SUP 3: 137.92 Low Jan 19
- SUP 4: 137.39 Low Jan 3 and the bear trigger
EURJPY has failed to hold on to its recent highs and remains below 142.99, the Feb 6 high. Price has moved below the 20-day EMA. Firmer support is expected at 139.94, the Feb 3 low. A reversal higher would refocus attention on 142.99, where a break would confirm a continuation of the recovery that started on Jan 3. On the downside, a break of 139.94 would be bearish and expose key support at 137.39, the Jan 3 low.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.