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Corrective Pullback

EURJPY TECHS
  • RES 4: 134.80 High Feb 8, 2018
  • RES 3: 134.80 Bull channel top drawn off the Oct 30, 2020 low
  • RES 2: 134.19 1.618 proj of Jun - Sep - Oct 2020 swing
  • RES 1: 134.13 High Jun 1 and the bull trigger
  • PRICE: 133.28 @ 17:11 BST Jun 7
  • SUP 1: 133.02 20-day EMA
  • SUP 2: 132.52 Low May 24
  • SUP 3: 131.69 Low May 12
  • SUP 4: 131.29 Bull channel base drawn off the Oct 30, 2020 low

EURJPY trend conditions remain bullish despite last week's move lower. The pullback is likely a correction. The cross touched a high of 134.13 on Jun 1 and the extension reinforced bullish conditions signalling scope for further gains within the rising channel drawn off the Oct 30 2020 low. The top of the channel intersects at 134.80. Firm support lies at 132.52, May 24 low. Initial support is seen at the 20-day EMA at 133.02.

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