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Maintains A Softer Tone

EURJPY TECHS
  • RES 4: 164.77 1.236 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 3: 164.30 High Nov 16 and the bull trigger
  • RES 2: 162.25/163.72 High Nov 29 / 27
  • RES 1: 160.32/161.47 50- and 20-day EMA values
  • PRICE: 159.05 @ 06:46 GMT Dec 5
  • SUP 1: 158.71 Low Dec 4
  • SUP 2: 158.22 61.8% retracement Oct - Nov Upleg
  • SUP 3: 157.70 Low Oct 30
  • SUP 4: 156.78 76.4% retracement Oct - Nov Upleg

The primary uptrend in EURJPY remains intact, however, a corrective cycle resulted in a move lower last week, and the contract remains soft for now. The cross has traded through the 50-day EMA. A continuation of the bear leg would signal scope for weakness towards 157.70, the Oct 30 low. On the upside, initial firm resistance is seen at 161.47, the 20-day EMA. The bull trigger is far off at 164.30, the Nov 16 high.

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