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Still Trading In A Range

EURJPY TECHS
  • RES 4: 127.50 High Mar 1, 2019
  • RES 3: 127.08 High Sep 1 and the bull trigger
  • RES 2: 127.01 High Dec 18
  • RES 1: 126.67 High Dec 21
  • PRICE: 126.39 @ 06:21 GMT Dec 24
  • SUP 1: 125.71 Low Dec 16
  • SUP 2: 125.13 High Nov 9 and recent breakout level
  • SUP 3: 125.03/24.99 Channel low drawn off Oct 30 low / 50-day EMA
  • SUP 4: 124.41 Low Dec 1

EURJPY continues to trade sideways within its consolidative range. This recent activity still appears to be a bull flag, a continuation pattern that reinforces bullish conditions. Attention is on the Sep 1 high of 127.08 where a break would confirm a resumption of the uptrend that started early May. On the downside, initial firm support lies at 125.71. A break is required to suggest scope for a deeper corrective pullback.

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