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Under Pressure

EURJPY TECHS
  • RES 4: 131.59 High Nov 5
  • RES 3: 130.43 50.0% retracement of the Oct 20 - Dec 3 downleg.
  • RES 2: 129.99 High Nov 19
  • RES 1: 128.98/129.64 Intraday high / High Dec 16
  • PRICE: 128.12 @ 14:29 GMT Dec 17
  • SUP 1: 127.81 Low Dec 10 and a key near-term support
  • SUP 2: 127.39 Low Dec 3 / 6 and the bear trigger
  • SUP 3: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 4: 127.04/126.65 Low Feb 15 / Low Feb 10

EURJPY has faced strong selling pressure today and this is resulting in a deeper pullback from yesterday’s high of 129.64. The break lower has exposed initial firm support at 127.81, Dec 10 low. A break of this level would strengthen the bearish threat and cancel the inverted head and shoulders pattern that highlighted a potential base. This would open 127.39. Price needs to get above today’s intraday high of 128.98 to ease bearish pressure.

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