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Trading Closer To Recent Lows

EURJPY TECHS
  • RES 4: 125.13 High Nov 9 and the bull trigger
  • RES 3: 124.68 High Nov 11
  • RES 2: 124.44 High Nov 16
  • RES 1: 123.62 50-day EMA
  • PRICE: 123.22@ 06:19 GMT Nov 23
  • SUP 1: 122.69 Low Nov 9 and key near-term support
  • SUP 2: 122.45 76.4% retracement of the Oct 30 - Nov 9 rally
  • SUP 3: 122.21 Low Nov 5
  • SUP 4: 121.62 Low Oct 30 and key support

EURJPY ended last week on a softer note and remains in a corrective mode. Attention is on the firm support at 122.69, Nov 9 low. A breach would undermine recent bullish activity and signal scope for a deeper pullback towards 122.45 initially, a Fibonacci retracement. Weakness through this retracement would expose 121.62, Oct 30 low. On the upside, a climb above 124.44, Nov 16 high is required to refocus attention on gains once again.

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