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Corrective Cycle

EURJPY TECHS
  • RES 4: 132.70 High Jun 23
  • RES 3: 132.43 High Jul 1 and a key resistance
  • RES 2: 131.09/22 High Jul 13 / 50-day EMA
  • RES 1: 130.30/43 High Jul 22 / High Jul 14
  • PRICE: 129.77 @ 06:36 BST Jul 23
  • SUP 1: 128.60 Low Jul 20
  • SUP 2: 128.48 200-dma
  • SUP 3: 128.29 Low Mar 24 and key support
  • SUP 4: 127.88 38.2% retracement of the Oct '20 - Jun rally

The EURJPY trend condition remains bearish despite recent gains. Attention is on the 200-dma at 128.48. A clear break of this average would strengthen the current bearish theme. Note, momentum and moving average studies remain bearish too. Further out, potential is seen for a move towards 127.88, the 38.2% retracement of the Oct '20 - Jun rally. 130.30, Jul 22 high marks initial firm resistance.

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