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Under Pressure Once Again

  • RES 4: 132.92/133.48 High Oct 29 / High Oct 20
  • RES 3: 132.56 High Nov 4
  • RES 2: 130.73/131.76 50-day EMA / 20-day EMA
  • RES 1: 129.99/130.12 Intraday high / High Nov 16
  • PRICE: 128.60 @ 10:18 GMT Nov 19
  • SUP 1: 128.49 Intraday low
  • SUP 2: 128.33 Low Oct 6
  • SUP 3: 127.93 Low Sep 22 and a key support
  • SUP 4: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing

EURJPY is under pressure once again and the cross has resumed its slide. The sharp move lower has exposed 128.33, the Oct 6 low where a break would leave the key support 127.93, Sep 22 low, open to a test. A breach of this latter level would signal scope for weakness towards 127.28, a Fibonacci projection level. On the upside, today's intraday high of 129.99 marks initial resistance and a break of this level is required to ease bearish pressure.

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