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Bearish Focus

EURJPY TECHS
  • RES 4: 134.13 High Jun 1 and the bull trigger
  • RES 3: 133.76 High Jun 10
  • RES 2: 132.88 High Jun 17
  • RES 1: 132.70 High Jun 23
  • PRICE: 131.55 @ 16:25 BST Jun 30
  • SUP 1: 131.22/130.04 Low Jun 22 / Low Jun 21 and bear trigger
  • SUP 2: 129.59 Low Apr 23
  • SUP 3: 128.83 Low Mar 29
  • SUP 4: 128.29 Low Mar 24 and key support

The short-term trend outlook in EURJPY remains bearish and the cross has pulled away from recent highs. A bearish theme follows the sharp move lower between Jun 15 - 21. The cross traded through the 50-day EMA and breached bull channel support drawn off the Oct 30, 2020 low. The break lower highlights a reversal and price has also recently probed the 100-dma. Attention is on 130.00 and 129.59, Apr 23 low. Resistance is seen at 132.88.

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

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