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Recovers From Monday’s Low

EURJPY TECHS
  • RES 4: 133.06 3% Upper Bollinger Band
  • RES 3: 132.56 High Nov 4
  • RES 2: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 1: 131.60 High Jan 5 and the bull trigger
  • PRICE: 131.17 @ 06:36 GMT Jan 12
  • SUP 1: 130.18/16 20-day EMA / Low Jan 10
  • SUP 2: 129.86 50-day EMA
  • SUP 3: 129.20 Low Dec 27
  • SUP 4: 128.57 Low Dec 22

Recent EURJPY pullbacks are considered corrective and a bullish theme still dominates. The cross has recently cleared 131.15, 61.8% of the Oct - Dec bear leg and 131.20, a recent vol-based resistance, signalling potential for an extension higher. MA conditions have also recently shifted to bull mode, highlighting the current trend direction. Attention is on 132.04, a Fibonacci retracement. Firm support is at 130.18/129.86, the 20- and 50-day EMAs.

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