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Trendline Resistance Has Been Cleared

EURJPY TECHS
  • RES 4: 147.10 High Nov 9
  • RES 3: 146.31 2.0% 10-dma envelope
  • RES 2: 146.14 High Nov 23 and a key resistance
  • RES 1: 145.32 Intraday high
  • PRICE: 145.12 @ 06:42 GMT Dec 13
  • SUP 1: 143.67 Low Dec 12
  • SUP 2: 143.10 Low Dec 6
  • SUP 3: 140.77 Low Dec 2 and the bear trigger
  • SUP 4: 140.00 76.4% retracement of the Sep 26 - Oct 21 bull leg

EURJPY started the week on a bullish note. The cross has traded through the trendline resistance, drawn from the Oct 21 high, as well as last week’s highs. The break higher strengthens bullish conditions and opens 146.14 the Nov 23 high and the next important resistance. On the downside, key support has been defined at 140.77, the Dec 2 low. A break of this level would resume bearish activity. Initial firm support lies at 143.10, the Dec 6 low.

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