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Bullish Outlook

EURJPY TECHS
  • RES 4: 152.81 1.50 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 3: 152.00 1.382 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 2: 151.61 High May 2 and the bull trigger
  • RES 1: 151.14 High Jun 13
  • PRICE: 151.07 @ 16:08 BST Jun 13
  • SUP 1: 149.46/148.59 20-day EMA / Low May 31
  • SUP 2: 148.10 50-day EMA
  • SUP 3: 147.61 Low May 16
  • SUP 4: 146.67 2.0% 10-dma envelope

The broader theme in EURJPY remains bullish and the cross continues to climb, extending recent gains. Price has now traded solidly above resistance at 150.20, the Jun 5 high, as well as 151.07, May 29 high. Key resistance is at 151.61, the May 2 high and also represents an important bull trigger. Clearance here opens the best levels since 2008. On the downside, key short-term support is at the 50-day EMA, which intersects at 148.10. A break would highlight a possible reversal.

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