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Bearish Cycle Still In Play

EURJPY TECHS
  • RES 4: 132.70 High Jun 23
  • RES 3: 132.43 High Jul 1 and a key resistance
  • RES 2: 131.09/41 High Jul 13 / 50-day EMA
  • RES 1: 130.28/43 High Jul 16 / High Jul 14
  • PRICE: 129.43 @ 17:04 BST Jul 20
  • SUP 1: 128.60 Low Jul 20
  • SUP 2: 128.39 200-dma
  • SUP 3: 128.29 Low Mar 24 and key support
  • SUP 4: 127.77 Low Feb 24

EURJPY traded lower still Tuesday, making light work of the Monday low. This confirms a resumption of the downtrend and paves the way for weakness toward the key downside support at 128.39, the 200-dma. Momentum studies remain in a bearish cycle and this reinforces the current trend condition. Moving average studies are in bear mode too. On the upside, 130.28, Jul 16 high marks initial firm resistance.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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