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Trend Needle Points South

EURJPY TECHS
  • RES 4: 146.73 High Dec 15 and a key resistance
  • RES 3: 145.83 High Dec 20
  • RES 2: 143.50 Low Dec 14 and a recent breakout level
  • RES 1: 142.00 Round number resistance
  • PRICE: 140.74 @ 06:44 GMT Dec 23
  • SUP 1: 138.81 Low Dec 20
  • SUP 2: 138.06 Low Sep 28
  • SUP 3: 137.75 4.0% 10-dma envelope
  • SUP 4: 137.40 Low Sep 26 and a key support

EURJPY traded sharply lower Tuesday as the JPY rallied and the cross remains bearish. A key support at 140.77, the Dec 2 low and a bear trigger, has been cleared. This marks a resumption of the bear cycle that started on Oct 21 and opens 138.06, the Sep 28 low and 137.40, the Sep 26 low and a key support. Initial firm resistance is seen at 143.50, the Dec 14 low and a recent breakout level. Short-term gains would likely be a correction.

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