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Sharp Pullback Considered Corrective

EURJPY TECHS
  • RES 4: 134.16 3.0% Upper Bollinger Band
  • RES 3: 133.48/69 High Oct 20 and key resistance / 2.0% 10-dma env
  • RES 2: 133.15 High Feb 10
  • RES 1: 131.52 50.0% retracement of Friday’s range
  • PRICE: 132.06 @ 15:38 GMT Feb 11
  • SUP 1: 130.81 Low Feb 14
  • SUP 2: 130.18 50-day EMA
  • SUP 3: 129.19 Low Feb 3
  • SUP 4: 128.25 Low Jan 25 and a key short-term support

EURJPY has failed to hold onto the recent highs and the cross traded sharply lower Friday. A key support zone is seen at 130.65-18 marking the 20- and 50-day EMAs. For now, the pullback Friday is considered corrective with bullish conditions still intact following recent strong recovery from the late January lows. Key resistance is at 133.15, Feb 10 high. A clear break of 130.65/18 would signal scope for a deeper pullback.

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