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Impulsive Sell-Off

EURJPY TECHS
  • RES 4: 144.00 Round number resistance
  • RES 3: 143.16 61.8% retracement of the Dec 15 - Jan 3 bear leg
  • RES 2: 142.86/94 High Jan 11 / High Dec 28 and key resistance
  • RES 1: 140.40/141.53 Intraday high / 20-day EMA
  • PRICE: 138.10 @ 16:03 GMT Jan 13
  • SUP 1: 138.02 Low Jan 13
  • SUP 2: 137.39 Low Jan 3 and the bear trigger
  • SUP 3: 137.03 Low Aug 29
  • SUP 4: 136.02 Low Aug 25

EURJPY traded sharply lower Friday and remains weak. This marks an extension of the impulsive move lower Thursday following the reversal from above the 50-day EMA, at 142.47. The move lower leaves key resistance at 142.94, the Dec 28 high, intact. An extension would open 137.39, the Jan 3 low, where a break would resume the 2-month downtrend and open 137.03, the Aug 29 low. Clearance of 142.94 is required to signal a reversal.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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