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Bearish Theme Remains 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: 131.09/70 High Jul 13 / 50-day EMA
  • PRICE: 130.13 @ 19:550 BST Jul 14
  • 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 following last week's move lower and break of support at 130.04, Jun 21 low. This 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 are beginning to highlight a bearish condition, reinforcing current directional conditions. 131.70 marks resistance.

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