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Firmer Off Lows, But Still Bearish

EURJPY TECHS
  • RES 4: 144.28 High Jun 28 and key resistance
  • RES 3: 142.37 High Jul 5
  • RES 2: 140.03 20-day EMA
  • RES 1: 139.17 High Jul 11
  • PRICE: 138.64 @ 16:22 BST Jul 13
  • SUP 1: 136.87 Low Jul 8
  • SUP 2: 136.25 Low May 30
  • SUP 3: 135.54 3.0% 10-dma envelope
  • SUP 4: 135.40 76.4% retracement of the May 12 - Jun 28 climb

EURJPY is fimer off the lows, but prices remain well below the week’s best levels. The cross remains vulnerable following the reversal from 144.28, the Jun 28 high. The sell-off resulted in a break below the 20- and 50-day EMAs and price has traded below support at 137.85. A clear breach of this level would strengthen bearish conditions and open 136.25, the May 30 low. Initial firm resistance is seen at 140.03, the 20-day EMA ahead of 142.37, the July 5 high.

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