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Vulnerable Despite Recent Bounce

EURJPY TECHS
  • RES 4: 131.59 High Nov 5
  • RES 3: 130.21 50-day EMA
  • RES 2: 129.99 High Nov 19
  • RES 1: 129.60 High Nov 23 and key near-term resistance
  • PRICE: 128.69 @ 06:22 GMT Dec 1
  • SUP 1: 127.49 Low Nov 29 and the bear trigger
  • SUP 2: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 3: 127.04/126.65 Low Feb 15 / Low Feb 10
  • SUP 4: 125.82 1.236 proj of the Jun1 - Sep 22 - Oct 20 price swing

EURJPY remains vulnerable despite holding above Monday’s low. A bearish theme dominates following the recent breach of 127.93, Sep 22 low. The break paves the way for a move towards 127.04, Feb 15 low and note that moving average studies also point south suggesting potential for a deeper sell-off further out. Key short-term resistance has been defined at 129.60, Nov 23 high where a break is required to ease current bearish pressure.

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