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Remains Under Pressure

EURJPY TECHS
  • RES 4: 132.45/56 3% Upper Bollinger Band / High Nov 4
  • RES 3: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 2: 131.60 High Jan 5 and the bull trigger
  • RES 1: 130.03/131.18 20-day EMA / High Jan 18
  • PRICE: 128.77 @ 16:44 GMT Jan 24
  • SUP 1: 128.41 Low Jan 24
  • SUP 2: 128.38 76.4% retracement of the Dec 3 - Jan 5 high
  • SUP 3: 128.05 Low Dec 21
  • SUP 4: 127.39 Low Dec 6 and a major support

EURJPY remains under pressure having failed to hold onto recent highs.The move lower continues to threaten the recent bullish theme and the cross is back below its 50-day EMA. Price is approaching 128.38, a Fibonacci retracement, where a break would expose 178.39, the Dec 6 low and a key support. Key short-term resistance has been defined at 131.60, Jan 5 high. Initial resistance though is at 130.03, the 20-day EMA.

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

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