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EURJPY TECHS: Pullback Appears Corrective

EURJPY TECHS
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 166.62 2.0% 10-dma envelope
  • RES 3: 166.10 High Nov 6  
  • RES 2: 165.04 High Nov 15 and a key short-term resistance
  • RES 1: 163.32 High Jan 2
  • PRICE: 161.89 @ 15:20 GMT Jan 3 
  • SUP 1: 160.91 Low Jan 2    
  • SUP 2: 160.54 50.0% retracement of the Dec 3 - 30 bull cycle   
  • SUP 3: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle
  • SUP 4: 158.67 Low Dec 11

EURJPY has pulled back from Monday’s high, however, the move down appears corrective - for now. A bullish short-term condition remains intact and the next support to watch lies at 160.54, 50.0% of the Dec 3 - 30 bull cycle. The 61.8% level is at 159.51. A resumption of gains would open 165.04, the Nov 15 high. Clearance of this hurdle would expose 166.69, the Oct 31 high and the next major resistance.         

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  • RES 4: 166.62 2.0% 10-dma envelope
  • RES 3: 166.10 High Nov 6  
  • RES 2: 165.04 High Nov 15 and a key short-term resistance
  • RES 1: 163.32 High Jan 2
  • PRICE: 161.89 @ 15:20 GMT Jan 3 
  • SUP 1: 160.91 Low Jan 2    
  • SUP 2: 160.54 50.0% retracement of the Dec 3 - 30 bull cycle   
  • SUP 3: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle
  • SUP 4: 158.67 Low Dec 11

EURJPY has pulled back from Monday’s high, however, the move down appears corrective - for now. A bullish short-term condition remains intact and the next support to watch lies at 160.54, 50.0% of the Dec 3 - 30 bull cycle. The 61.8% level is at 159.51. A resumption of gains would open 165.04, the Nov 15 high. Clearance of this hurdle would expose 166.69, the Oct 31 high and the next major resistance.