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Retracing The Recent Sell-Off

EURJPY TECHS
  • RES 4: 131.59 High Nov 5
  • RES 3: 130.43 50.0% retracement of the Oct 20 - Dec 3 downleg.
  • RES 2: 129.99 High Nov 19
  • RES 1: 128.98/129.64 High Dec 17 / High Dec 16
  • PRICE: 128.64 @ 06:39 GMT Dec 22
  • SUP 1: 127.52 Low Dec 20
  • SUP 2: 127.39 Low Dec 3 / 6 and the bear trigger
  • SUP 3: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 4: 127.04/126.65 Low Feb 15 / Low Feb 10

EURJPY found support yesterday and has retraced a large portion of the recent sell-off between Dec 16 - 20. The recent break lower has exposed key support at 127.39, the Dec 3 / 6 low. A break of this level would strengthen the bearish threat and confirm a resumption of the underlying downtrend. For bulls, price needs to get above Friday’s intraday high of 128.98 to remove any bearish threat. This would open 129.64, the Dec 16 high.

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