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EURJPY TECHS: Trendline Support Remains Intact

EURJPY TECHS
  • RES 4: 172.97 2.0% 10-dma envelope 
  • RES 3: 172.00 Round number resistance 
  • RES 2: 171.56 High Apr 29 and the bull trigger
  • RES 1: 170.89 High Jun 3 
  • PRICE: 169.07 @ 16:34 BST Jun 12
  • SUP 1: 168.09 Low Jun 4
  • SUP 2: 167.70 Trendline support drawn from the Dec 7 ‘23 low 
  • SUP 3: 165.64 Low May 7 
  • SUP 4: 164.02 Low May 3 and a pivot support   

The latest pullback in EURJPY is considered corrective and the primary trend structure remains bullish. Sights are on 171.56, the Apr 29 high and a key resistance where a break would confirm a resumption of the uptrend. Support to watch is at a key trendline drawn from the Dec 7 ‘23 low, at 167.70. A clear breach of this line would highlight a potential reversal. Note this would also confirm a break of the 50-day EMA, at 167.52.  

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