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Bulls Remain In The Driver's Seat

EURJPY TECHS
  • RES 4: 159.99 2.0% 10-dma envelope
  • RES 3: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 2: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 1: 158.00 High Jun 28
  • PRICE: 157.42 @ 15:59 BST Jul 4
  • SUP 1: 155.06/154.88 154.05 Low Jun 23 / 20-day EMA
  • SUP 2: 154.05 Low Jun 20
  • SUP 3: 153.09 Low Jun 16
  • SUP 4: 151.67 50-day EMA

EURJPY is unchanged and maintains a bullish tone as the cross consolidates at its recent highs. Last week’s price action reinforces a bullish theme and maintains the price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting positive market sentiment. The focus is on 158.72, a Fibonacci projection. Initial key support is at 155.06, the Jun 23 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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