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Holding Onto Recent Highs

EURJPY TECHS
  • RES 4: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 3: 131.60 High Jan 5 and the bull trigger
  • RES 2: 131.18 High Jan 18
  • RES 1: 129.48/66 20- and 50-day EMA values
  • PRICE: 129.33 @ 18:07 GMT Feb 2
  • SUP 1: 128.38/25 76.4% of the Dec 3 - Jan 5 upleg / 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 is holding onto recent gains. The recovery since Jan 25 is considered corrective and the cross remains vulnerable following recent weakness. Price has recently probed 128.38, a Fibonacci retracement. A clear break of this level would expose 127.39, the Dec 6 low and a key support. Initial resistance is at 129.48/66, the 20- and 50-day EMAs. Clearance of this zone would suggest scope for a stronger corrective bounce.

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