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Move Lower Considered Corrective

EURJPY TECHS
  • RES 4: 164.30 High Nov 16 and key resistance
  • RES 3: 163.72 High Nov 27
  • RES 2: 162.25 High Nov 29
  • RES 1: 161.86 High Jan 19 and the bull trigger
  • PRICE: 160.03 @ 06:59 GMT Jan 26
  • SUP 1: 159.59 20-day EMA
  • SUP 2: 158.55 Low Jan 12 and a key short-term support
  • SUP 3: 157.21 Low Jan 9
  • SUP 4: 156.08 Low Jan 4

EURJPY trend conditions remain bullish and the latest pullback is considered corrective. Recent gains resulted in a breach of 160.18, the Jan 11 high. The break confirmed a resumption of the uptrend. Note that 161.69, 76.4% of the Nov 16 - Dec 7 bear leg, has been pierced. A clear break of this retracement would open 162.25, the Nov 29 high. Initial firm support is at 158.55, the Jan 12 low.

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