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Remains Below Key Resistance

EURJPY TECHS
  • RES 4: 144.00 Round number resistance
  • RES 3: 142.94 High Dec 28 and key resistance
  • RES 2: 142.63 50-day EMA
  • RES 1: 141.91 High Jan 9
  • PRICE: 141.70 @ 16:03 GMT Jan 9
  • SUP 1: 139.35/137.97 Low May 5 / 1.0% 10-dma envelope
  • SUP 2: 137.39 Low Jan 3 and the bear trigger
  • SUP 3: 137.03 Low Aug 29
  • SUP 4: 136.09 Low Aug 26

EURJPY remains above the early January low of 137.39 and the cross is holding on to its recent gains. Near-term strength is deemed corrective while key resistance at 142.94 remains intact - the Dec 28 high. A move lower would refocus attention on 137.39, Jan 3 low, where a break would resume the downtrend. This would open 137.03, the Aug 29 low. For bulls, clearance of 142.94 would signal a reversal.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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