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Key Resistance Remains Exposed

EURJPY TECHS
  • RES 4: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 3: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 2: 127.50 High Mar 1, 2019
  • RES 1: 127.08/23 High Dec 18 / High Dec 29
  • PRICE: 126.80 @ 05:35 GMT Dec 31
  • SUP 1: 126.16 20-day EMA
  • SUP 2: 125.71 Low Dec 16
  • SUP 3: 125.47/29 Channel base drawn off Oct 30 low / 50-day EMA
  • SUP 4: 125.13 High Nov 9 and recent breakout level

EURJPY is unchanged. The cross traded higher Tuesday to 127.23 before pulling back into the recent range. A clear break of the 127.00 handle and of 127.08, Sep 1 high would confirm a resumption of the broader uptrend that started early May. This would pave the way for a climb towards 127.50, Mar 1, 2019 high. Key near-term support has been defined at 125.71, Dec 16 low.

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