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Tops Trendline Resistance

  • RES 4: 146.26 2.0% 10-dma envelope
  • RES 3: 146.14 High Nov 23 and a key resistance
  • RES 2: 145.23 High Nov 24
  • RES 1: 145.08 High Dec 12
  • PRICE: 144.67 @ 16:22 GMT Dec 12
  • SUP 1: 143.10/140.77 Low Dec 6 / 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 traded through the trendline resistance as well as last week’s highs to start the Monday session well. The rally through 144.50 opens a recovery toward late November levels at 145.23. This signals a stronger bullish reversal and opens key resistance at 146.14 over the medium-tern. On the downside, key support has been defined at 140.77, the Dec 2 low. A break of this level would resume bearish activity.

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