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Reverses Recent Bearish Theme

  • RES 4: 132.92 High Oct 21, 2021
  • RES 3: 132.46 1.00 proj of the Dec 3 - Jan 5 - 25 price swing
  • RES 2: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 1: 131.83 Intraday high
  • PRICE: 131.71@ 06:42 GMT Feb 4
  • SUP 1: 130.38, 50.0% of yesterday's large range
  • SUP 2: 129.19 Low Feb 3
  • SUP 3: 128.25 Low Jan 25 and a key short-term support
  • SUP 4: 127.39 Low Dec 6 and a major support

EURJPY snapped sharply higher Thursday following the ECB decision. The rally reverses a recent bearish theme and signals scope for an extension higher. Price has traded above resistance 131.60, Jan 5 high and a bull trigger. The break confirms a resumption of a bull cycle that started on December 3. The focus is on 132.04 next, a Fibonacci retracement. On the downside, initial support is seen at 130.38, 50.0% of yesterday's large range.

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