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EUR/JPY Technical Analysis: Bears eye a move from descending resistance for reversal to target 38.2% Fibo

  • EUR/JPY is up to trend-line resistance as predicted in a prior analysis from earlier in the week, taking on the 125.70 target area.
  • This is guarding a break towards the 200-DMA (grey on the chart below) at 127.75.  
  • However, should the bears step in and take back control, on a break of 124.80, risk would be for a subsequent test of trend line support guarding the 38.2% Fibo.
  • Below 123.40 (Jan 7 and Jan 15 lows) opens of the 50% Fibo at 123.02.
  • A break there will likely see the price continue in its southerly trajectory, extending last September's bear trend.

NZD/USD Technical Analysis: 0.6720/10 remains on seller’s radar unless clearing 200-day SMA

NZD/USD is on the bids near 0.6730 despite witnessing sluggish prints of the business NZ PMI and electronic card retail sales from New Zealand.
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WTI: Mild bid around $63.70 ahead of China trade and Baker Hughes data

WTI is taking the rounds near $63.70 during early Asian sessions on Friday with China data and Baker Hughes rig count in the spotlight to watch.
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