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EURJPY: 131.40 Holds the Key to the Next 300 Pip Move
In mid-January I began to suspect that the EURJPY had topped out. In fact, I even wrote a commentary stating that I believed buyers were tiring in the 136.60 area. We wouldn’t find out until the first few days of February that the actual top was just above the 136.60 handle. Still, wedge resistance did its job and capped the pair at the February 2 high of 137.50. Then came the February 8 break below wedge support followed by the February 9 retest of the 134.00 area as new resistance. Since that time our focus has been on the next key support level at 131.40. Buyers stepped in to support prices in this area during ... (full story)