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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: 129.64 High Dec 16
  • PRICE: 129.35 @ 20:41 GMT Dec 22
  • SUP 1: 128.59/127.52 20-day EMA / 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 Monday 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 is above Friday’s intraday high of 128.98 and this has removed any recent earish threat. The break higher opens 129.64, the Dec 16 high.

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