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Retracement Extends

EURJPY TECHS
  • RES 4: 134.13 High Jun 1 and a key resistance
  • RES 3: 133.76 High Jun 10
  • RES 2: 132.92/133.48 High Oct 29 / High Oct 20
  • RES 1: 131.29/59 20-day EMA / High Nov 5
  • PRICE: 129.88 @ 17:59 GMT Nov 15
  • SUP 1: 129.74 Low Nov 15
  • SUP 2: 129.39 23.6% retracement of the Jun - Sep Pullback
  • SUP 3: 129.28 Low Oct 11
  • SUP 4: 128.94 Low Oct 8

EURJPY maintains a weaker short-term tone and continues to trade lower. The cross remains below its 50- and 20-day EMAs and the break of these averages suggests scope for a deeper pullback. Monday saw 130.05, a Fibonacci retracement, give way, opening losses toward 129.39. Broader trend signals continue to point north though and the recent sell-off is still considered corrective. Initial resistance is at 131.36, the 20-day EMA.

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