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Pulls Back From Recent Highs

EURJPY TECHS
  • RES 4: 144.00 Round number resistance
  • RES 3: 143.16 61.8% retracement of the Dec 15 - Jan 3 bear leg
  • RES 2: 142.86 High Jan 11 and key resistance
  • RES 1: 141.02/142.30 20-day EMA / High Jan 25
  • PRICE: 140.10 @ 07:02 GMT Feb 3
  • SUP 1: 139.06/137.92 Low Jan 20 / Low Jan 19
  • SUP 2: 137.39 Low Jan 3 and the bear trigger
  • SUP 3: 137.03 Low Aug 29
  • SUP 4: 136.02 Low Aug 25

EURJPY traded lower Thursday. The price action belies a recent bull flag formation and raises the possibility of a near-term test at the Jan 19 low at 137.92. More broadly, however, the trend remains up. A reversal higher and a break of 142.30, the Jan 25 high, would be a positive development and expose key resistance at 142.86, the Jan 11 high. Clearance of this level would highlight a stronger bullish reversal

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