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Corrective Cycle Remains In Play

EURJPY TECHS
  • RES 4: 160.32 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: 157.12/158.00 High Jul 6 / High Jun 28 and the bull trigger
  • PRICE: 154.47 @ 16:36 BST Jul 11
  • SUP 1: 154.18 Low Jul 11
  • SUP 2: 154.05 Low Jun 20
  • SUP 3: 153.09 Low Jun 16
  • SUP 4: 152.54 50-day EMA

The EURJPY uptrend remains intact and the latest move lower appears to be a correction - for now. The pullback is allowing the overbought trend condition to unwind. Support at 155.48, the 20-day EMA, has been breached. An extension lower would signal scope for a deeper retracement, towards the 50-day EMA, at 152.54. For bulls, clearance of 158.00, the Jun 28 high, would confirm a resumption of the uptrend.

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