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Resistance Remains Intact

EURJPY TECHS
  • RES 4: 161.78 High Dec 1
  • RES 3: 159.93 High Dec 4
  • RES 2: 159.01 50-day EMA
  • RES 1: 158.67 High Dec 12
  • PRICE: 156.82 @ 15:38 GMT Dec 22
  • SUP 1: 155.39/153.23 Low Dec 19 / 7 and the bear trigger
  • SUP 2: 152.24 3.764 proj of the Nov 16 - 21 - 27 price swing
  • SUP 3: 151.42 Low Jul 28 and a key support
  • SUP 4: 150.92 Low Jun 14

EURJPY traded sharply higher Tuesday breaching resistance at 157.68, the Dec 11 high. The cross has since pulled back. The next key hurdle to watch is 158.67, the Dec 12 high. Clearance of this level would signal a short-term reversal. Below 158.67, the recent recovery appears to be a correction and trend signals remain bearish. A continuation lower and a break of 153.23, the Dec 7 low and bear trigger, would resume the downtrend.

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

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