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Holding Onto Recent Gains

EURJPY TECHS
  • RES 4: 132.67 3% Upper Bollinger Band
  • RES 3: 132.56 High Nov 4
  • RES 2: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 1: 131.60 High Jan 5
  • PRICE: 130.90 @ 16:51 GMT Jan 6
  • SUP 1: 130.24 Low Jan 4
  • SUP 2: 129.82/68 20- and 50-day EMA levels
  • SUP 3: 129.20 Low Dec 27
  • SUP 4: 128.57 Low Dec 22

EURJPY is trading lower. Dips though are considered corrective and this week’s gain have solidified the bullish tone. The cross has cleared resistance at 131.15, 61.8% of the Oct - Dec bear leg and 131.20, a vol-based resistance, signalling potential for an extension of the recovery seen across the second half of December. This opens 132.04, a Fibonacci retracement. A firm support zone is seen at 129.82/68, the 20- and 50-day EMA levels.

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