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Sharp Sell-Off Exposes Key Short-Term Support

EURJPY TECHS
  • RES 4: 146.73 High Dec 15 and a key resistance
  • RES 3: 145.83 Intraday high
  • RES 2: 143.50 Low Dec 14 and a recent breakout level
  • RES 1: 142.00 ROund number resistance
  • PRICE: 140.95 @ 05:46 GMT Dec 20
  • SUP 1: 140.77 Low Dec 2 and a bear trigger
  • SUP 2: 140.00 76.4% retracement of the Sep 26 - Oct 21 bull leg
  • SUP 3: 139.44 Low Sep 29
  • SUP 4: 138.06 Low Sep 28

EURJPY has failed to hold on to recent gains and has traded sharply lower today. A number of short-term support points have been cleared and the cross is fast approaching key support at 140.77, the Dec 2 low and bear trigger. A break of this level would resume the bear cycle that started on Oct 21 and open 140.00, a Fibonacci retracement. Initial firm resistance is seen at 143.50, the Dec 14 low and a very recent breakout level.

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