Recovers Well Off Wednesday Low

• RES 4: 127.88 0.618 projection of May - Jun rally from Oct 30 low
• RES 3: 127.49/50 High Jan 7 / High Mar 1, 2019
• RES 2: 126.87 High Jan 12
• RES 1: 126.21 High Jan 19
• PRICE: 125.47 @ 17:14 GMT Jan 21
• SUP 1: 125.09 Low Jan 18
• SUP 2: 124.79 100-DMA
• SUP 3: 124.56 50% retracement of the November - January Rally
• SUP 4: 123.72 2.0% 10-dma envelope

EURJPY recovered nicely off the Wednesday low, but failed to print new weekly highs. Tuesday's recovery appears to be a bullish engulfing candle and if correct signals a potential reversal. More importantly, this also suggests the end of the recent corrective pullback from 127.49, Jan 7 high. A break of 126.21, Tuesday's high would open 126.76, Jan 13 high. Sub 125.09 levels would resume the downtrend.