Sharp Sell-Off Exposes Key Short-Term Support

• 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: 139.51 @ 16:28 GMT Dec 20
• SUP 1: 139.37 Low Dec 20
• SUP 2: 138.38 4.0% 10-dma envelope
• SUP 3: 138.10 4.0% Lower Bollinger Band
• SUP 4: 138.06 Low Sep 28

EURJPY has failed to hold on to recent gains and has traded sharply lower Tuesday. A number of short-term support points have been cleared and the cross has traded well below 140.77, the Dec 2 low and a bear trigger. The clear break of this level resumes the bear cycle that started on Oct 21 and opens 138.06, the late December low. Initial firm resistance is seen at 143.50, the Dec 14 low and a very recent breakout level.