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Holding Onto Recent Gains

EURJPY TECHS
  • RES 4: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 3: 131.59 High Nov 5
  • RES 2: 131.15/20 61.8% Oct 20 - Dec 3 move / 1% Upper Boll Band
  • RES 1: 131.04 High Dec 31
  • PRICE: 130.74 @ 07:04 GMT Jan 4
  • SUP 1: 130.02 Low Jan 3
  • SUP 2: 129.55/51 50- and 20-day EMA levels
  • SUP 3: 129.20 Low Dec 27
  • SUP 4: 128.57 Low Dec 22

EURJPY is trading near the December highs and maintains a bullish tone. A positive theme follows the strong recovery in the second half of December and with the cross holding onto gains, scope is seen for an extension higher. The focus is on 131.15, a Fibonacci retracement and 131.20, a vol-based resistance. A break of this zone would open 132.04. On the downside, firm support is seen at 129.55/51, the 50- and 20-day EMA levels.

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