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Double Top Reversal

EURJPY TECHS
  • RES 4: 158.05 High Jul 21 and the bull trigger
  • RES 3: 156.24 High Jul 27
  • RES 2: 155.53 20-day EMA
  • RES 1: 155.06 High Jul 28
  • PRICE: 154.97 @ 16:37 BST Jul 28
  • SUP 1: 151.42 Intraday low
  • SUP 2: 150.92 Low Jun 14
  • SUP 3: 150.16 38.2% retracement of the Jan 3 - Jul 21 bull cycle
  • SUP 4: 149.59 Low Jun 8

EURJPY traded sharply lower Thursday. The cross has cleared a trendline support drawn from the Mar 24 low - the trendline intersects at 155.32 today. Furthermore, the cross has also cleared 153.49, the Jul 12 low and this highlights a double top reversal on the daily chart. If correct, the move lower signals scope for weakness towards the 150.00 handle. On the upside, initial firm resistance is seen at 155.53, the 20-day EMA.

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