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Approaching Trendline Support

  • RES 4: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 3: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 2: 157.12/158.00 High Jul 6 / High Jun 28 and the bull trigger
  • RES 1: 155.67 High Jul 11
  • PRICE: 153.84 @ 06:56 BST Jul 12
  • SUP 1: 153.15 Trendline support drawn from the Mar 24 low
  • SUP 2: 152.54 50-day EMA
  • SUP 3: 151.61 Low Jun 15
  • SUP 4: 151.07 High May 29

The current bear cycle EURJPY remains in play and the cross is trading lower today. Sights are on a trendline support at 153.15 and 152.62, the 50-day EMA. The trendline is drawn from the Mar 24 low. A break of the 153.15-152.65 support zone would strengthen bearish conditions and pave the way for a continuation lower. Initial resistance is seen at 155.67, Tuesday’s high.

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