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Sights Are On Trendline Resistance

EURJPY TECHS
  • RES 4: 145.23 High Nov 24
  • RES 3: 145.16 Trendline drawn from the Oct 21 high
  • RES 2: 144.85 High Nov 30
  • RES 1: 144.04/05 20-day EMA / Intraday high
  • PRICE: 143.65 @ 15:37 GMT Dec 7
  • SUP 1: 140.77 Low Dec 2 and the 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 is holding on to its recent gains. The cross traded sharply higher Monday as a corrective bounce from last Friday’s low extends. A continuation higher would expose key short-term trendline support that intersects at 145.16 Wednesday. The trendline is drawn from the Oct 21 high and a break of it is required to signal a reversal. On the downside, key support has been defined at 140.77, the Dec 2 low. A breach of this level would resume bearish activity.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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