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Trading Near Its Recent Lows

EURJPY TECHS
  • RES 4: 134.14 3.0% Upper Bollinger Band
  • RES 3: 133.48/82 High Oct 20 and key resistance / 2.0% 10-dma env
  • RES 2: 133.15 High Feb 10
  • RES 1: 131.52 50.0% retracement of Friday’s range
  • PRICE: 130.51 @ 06:42 GMT Feb 15
  • SUP 1: 130.05 Low Feb 14
  • SUP 2: 129.41 76.4% retracement of the Jan 25 - Feb 10 rally
  • SUP 3: 129.19 Low Feb 3
  • SUP 4: 128.25 Low Jan 25 and a key short-term support

EURJPY is trading near recent lows having traded sharply lower Friday. A key support zone is seen at 130.65-20 marking the area between the 20- and 50-day EMAs. The lower level has been probed and yesterday’s low is also seen as a key short-term support - at 130.05. For now, the pullback is considered corrective with bullish conditions intact following the recovery from the late January lows. The bull trigger is at 133.15, Feb 10 high.

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