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Impulsive Bear Leg

EURJPY TECHS
  • RES 4: 164.30 High Nov 16 and the bull trigger
  • RES 3: 162.25/163.72 High Nov 29 / 27
  • RES 2: 160.20/160.97 50- and 20-day EMA values
  • RES 1: 158.67 Intraday high
  • PRICE: 155.95 @ 10:29 GMT Dec 7
  • SUP 1: 155.75 Intraday low
  • SUP 2: 155.29 2.764 proj of the Nov 16 - 21 - 27 price swing
  • SUP 3: 154.46 Low Oct 3 and a key support
  • SUP 4: 154.00 Round number support

EURJPY is trading sharply lower today as the bear leg that started mid-November accelerates. The cross has cleared all key short-term retracement points of the Oct - Nov rally. This strengthens the current bearish threat and signals scope for a move towards the next key support at 154.46, the Oct 3 low. Clearance of this level would further reinforce current bearish conditions. Initial resistance is at 158.67, today’s intraday high.

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