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Bearish Price Structure

  • 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: 130.19 @ 06:34 BST Jul 9
  • SUP 1: 129.63 Low Jul 8
  • 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 weakened further Thursday, taking out support at the bear trigger of 130.04 on the way through. This reinforces the bearish theme following the break on Jun 17 of a bull channel base drawn off the Oct 30 2020 low. The resumption of the downtrend opens 129.35 next, a Fibonacci retracement. Moving average studies are beginning to highlight a bearish condition highlighting the risk of an extension lower. 131.04 marks initial resistance.

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