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EUR/JPY: Pair Remains Well Supported

Published 12/03/2013, 04:07 AM
Updated 02/21/2017, 08:25 AM
EUR/JPY
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EUR/JPY

The pair remains well supported and ticks above near-term consolidation range top at 139.69, to approach the psychological 140.00 barrier. Near-term studies are positive, however, overbought 4-hour/daily studies require caution, as 4-hour indicators start to point lower, signaling possible stall and corrective pullback. A break below initial support and consolidation floor at 139.00 would give initial signal for corrective action and open 138.30, 28/11 higher low and 138.00, round figure support / 25/11 previous high. Conversely, lifting above the 140.00 barrier would signal resumption of larger uptrend from 94.10, 2012 low and expose 140.98, and the Fibonacci 61.8% of multi-year 169.95/94.10 descend.

Resistance: 140.00; 140.50; 140.98; 141.58

Support: 139.25; 139.00; 138.55; 138.30

<span class=EUR/JPY Hour Chart" title="EUR/JPY Hour Chart" width="800" height="400">

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