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Bearish Theme Intact

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: 131.09/64 High Jul 13 / 50-day EMA
  • PRICE: 130.06 @ 06:35 BST Jul 15
  • 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

The EURJPY outlook remains bearish. This follows the move lower last week and break of support at 130.04, Jun 21 low. The move lower reinforces the bearish importance of the Jun 17 breach of a bull channel base drawn off the Oct 30, 2020 low. Attention is on 129.35 next, a Fibonacci retracement. Moving average studies also highlight a bearish condition, reinforcing current directional conditions. 131.09 marks initial resistance.

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