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Testing The Channel Base

EURJPY TECHS
  • RES 4: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 3: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 2: 127.49/50 High Jan 7 / High Mar 1, 2019
  • RES 1: 126.87 High Jan 12
  • PRICE: 125.98 @ 16:40 GMT Jan 14
  • SUP 1: 125.93 Low Jan 14
  • SUP 2: 125.73/71 50-day EMA / Low Dec 16
  • SUP 3: 125.32 1.0% 10-dma envelope
  • SUP 4: 125.13 High Nov 9

EURJPY traded lower still Thursday and maintains this week's softer tone. Although the cross remains within the past 6-week range, it is trading at a bull channel support drawn off the Oct 30 low. The channel intersects at 126.34. A clear break would highlight a potential short-term reversal and initially expose the 50-day EMA at 125.73. Key resistance and the bull trigger is at 127.49, a break would resume the uptrend.

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