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Key Resistance Appears Exposed

EURJPY TECHS
  • RES 4: 131.59 High Nov 5
  • RES 3: 130.43 50.0% retracement of the Oct 20 - Dec 3 downleg.
  • RES 2: 129.99 High Nov 19
  • RES 1: 129.64 High Dec 16
  • PRICE: 129.48 @ 06:29 GMT Dec 23
  • SUP 1: 128.65/127.52 20-day EMA / Low Dec 20
  • SUP 2: 127.39 Low Dec 3 / 6 and the bear trigger
  • SUP 3: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 4: 127.04/126.65 Low Feb 15 / Low Feb 10

EURJPY found support Monday and has retraced almost all of the recent sell-off between Dec 16 - 20. Attention is on 129.64, the Dec 16 high where a break would strengthen bullish conditions and signal a short-term reversal. This would open 130.43, a Fibonacci retracement. Key support is at 127.39, the Dec 3 / 6 low. A break would resume the downtrend. Initial support is at 128.65, the 20-day EMA.

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