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  • $EURUSD trying to hold support in the fibonacci zone b/w 1709 and 1736, same that helped to catch the Q1 low one more level below that zone and its the 2021 low at 1664 $USD $DXY https://t.co/sntjlxZrnl
  • EUR/USD has been packed in tightly between two key kevels (1.1700/38) since the open on Sunday night. Get your $EURUSD market update from @HathornSabin here:https://t.co/y8SKCtGUFj https://t.co/7atjCSqVS0
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JPN 225 Pauses under 50% Fibonacci and Resistance

JPN 225 Pauses under 50% Fibonacci and Resistance

Nathalie Huynh,

Talking Points:

  • Strategy: Maintain long positions with tight stops, or trade the range
  • Resistance levels come at 17,438.5; 18,045.8
  • Momentum is biased to the upside

Nikkei 225 pauses ahead of 50% Fibonacci and resistance level at 17,438.5 on a second day. Upward momentum signals indicate the level might be tested in the near future. Overall, the 16,525.5-17,438.5 range still contains price movement.

Traders who prefer to maintain their long positions may consider keeping stops close to the resistance level in case a downward reversal emerges. Those who are waiting to trade the range may find opportunities near the range top.

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JPN 225 Pauses under 50% Fibonacci and Resistance

Daily Chart - Created Using FXCM Marketscope

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--- Written by Nathalie Huynh, Strategist for DailyFX.com

Contact and follow Nathalie on Twitter: @nathuynh

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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