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Corrective Pullback

EURJPY TECHS
  • RES 4: 156.79 1.618 proj of the May 11 - 29 - 31 price swing
  • RES 3: 156.23 2.00 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 2: 155.59 1.382 proj of the May 11 - 29 - 31 price swing
  • RES 1: 155.38 High Jun 20
  • PRICE: 154.33 @ 20:37 BST Jun 20
  • SUP 1: 153.09/151.61 Low Jun 16 / 15
  • SUP 2: 151.09 20-day EMA
  • SUP 3: 150.04 Low Jun 13
  • SUP 4: 149.07 50-day EMA

EURJPY traded sharply higher last week and remains bullish. Price has cleared key resistance at 151.61, the May 2 high and an important bull trigger. This confirms a resumption of the longer-term uptrend and the focus is on a climb to 155.59 next, a Fibonacci projection. On the downside, initial firm support is seen at 151.09, the 20-day EMA. A break would signal a short-term top. Short-term pullbacks are considered corrective - for now.

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