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Short-Term Conditions Remain Bullish

  • RES 4: 147.10 High Nov 9
  • RES 3: 146.40 2.0% 10-dma envelope
  • RES 2: 146.14 High Nov 23 and a key resistance
  • RES 1: 145.35 High Dec 13
  • PRICE: 144.09 @ 06:35 GMT Dec 14
  • SUP 1: 143.53 Low Dec 13
  • SUP 2: 143.10 Low Dec 6
  • SUP 3: 140.77 Low Dec 2 and the bear trigger
  • SUP 4: 140.00 76.4% retracement of the Sep 26 - Oct 21 bull leg

EURJPY faced resistance Tuesday and retraced Monday’s bullish session. The outlook is bullish despite the pullback. This week has seen the cross clear trendline resistance, drawn from the Oct 21 high, as well as last week’s highs. The break strengthens bullish conditions and opens 146.14, the Nov 23 high and the next important resistance. Key support has been defined at 140.77, the Dec 2 low. Initial firm support lies at 143.10, Dec 6 low.

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