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Approaching The Bear Trigger

EURJPY TECHS
  • RES 4: 132.88 High Jun 17
  • RES 3: 132.70 High Jun 23
  • RES 2: 132.43 High Jul 1 and a key resistance
  • RES 1: 131.04/86 High Jul 7 / High Jul 6
  • PRICE: 130.11 @ 06:36 BST Jul 8
  • SUP 1: 130.04 Low Jun 21 and the bear trigger
  • SUP 2: 129.35 38.2% retracement of the Oct 2020 - May 2021 rally
  • SUP 3: 128.83 Low Mar 29
  • SUP 4: 128.29 Low Mar 24 and key support

EURJPY is weaker again today and continues to pull away from recent highs. A bearish theme dominates and attention is on the key short-term support at 130.04, Jun 21 low. A bearish theme follows the break on Jun 17 of a bull channel base drawn off the Oct 30 2020 low. Clearance of 130.04 would reinforce this bear theme and confirm a resumption of the downtrend that started Jun 1 and open 129.35, a Fibonacci retracement.

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