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Resumes Its Downtrend

EURJPY TECHS
  • RES 4: 131.59 High Nov 5
  • RES 3: 130.37 50-day EMA
  • RES 2: 129.60/129.99 High Nov 23 / High Nov 19
  • RES 1: 128.67 High Nov 29
  • PRICE: 128.13 @ 16:44 GMT Nov 29
  • SUP 1: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 2: 127.04 Low Feb 15
  • SUP 3: 126.65 Low Feb 10
  • SUP 4: 125.82 1.236 proj of the Jun1 - Sep 22 - Oct 20 price swing

EURJPY has resumed its downtrend. Friday’s sell-off resulted in a print below 127.93, Sep 22 low and Monday’s extension reinforces the current bearish theat. The break paves the way for weakness towards 127.04, Feb 15 low and note that MA studies also point south suggesting scope for a deeper sell-off further out. Key short-term resistance has been defined at 129.60, Nov 23 high where a break is required to ease current bearish pressure.

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

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