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Bullish Extension

EURJPY TECHS
  • RES 4: 157.84 2.236 proj of the Mar 20 - 31 - Apr 6 price swing
  • RES 3: 157.53 1.764 proj of the May 11 - 29 - 31 price swing
  • RES 2: 156.79 1.618 proj of the May 11 - 29 - 31 price swing
  • RES 1: 156.62 High Jun 22
  • PRICE: 156.16 @ 16:49 BST Jun 22
  • SUP 1: 154.05 Low Jun 20
  • SUP 2: 153.09 Low Jun 16
  • SUP 3: 151.84 20-day EMA
  • SUP 4: 150.92 Low Jun 14

EURJPY traded higher Thursday, once again confirming a resumption of the current uptrend. The move strengthens bullish conditions and extends last week’s impulsive rally. Price has recently cleared key resistance at 151.61, the May 2 high and an important bull trigger. This confirmed a resumption of the longer-term uptrend and the focus on 156.79 next, a Fibonacci projection. Initial key support is seen at 151.84, the 20-day EMA.

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