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Resistance Remains Intact - For Now

EURJPY TECHS
  • RES 4: 161.78 High Dec 1
  • RES 3: 159.93 High Dec 4
  • RES 2: 159.05 50-day EMA
  • RES 1: 158.67 High Dec 12
  • PRICE: 158.16 @ 13:32 GMT Dec 19
  • SUP 1: 155.39/153.23 Intraday low / Low Dec 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 has traded sharply higher today. Resistance at 157.68, the Dec 11 high, has been breached. The next hurdle is at 158.67, the Dec 12 high, which remains intact for now. A clear break of this level would signal a short-term reversal. Below 158.67, the latest recovery appears to be a correction and trend signals remain bearish. A resumption of weakness would refocus attention on at 153.23, the Dec 7 low and the bear trigger.

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