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Fresh Upside Sees Prices North of Bull Trigger

EURJPY TECHS
  • RES 4: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 3: 158.77 2.0% 10-dma envelope
  • RES 2: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 1: 158.05 High Jul 21
  • PRICE: 157.50 @ 16:06 BST Jul 21
  • SUP 1: 154.41 Trendline support drawn from the Mar 24 low
  • SUP 2: 153.24 50-day EMA
  • SUP 3: 151.61 Low Jun 15
  • SUP 4: 151.07 High May 29

EURJPY rallied solidly Friday on the back of a number of BoJ sources reports that have weakened the JPY. This tipped prices above the bull trigger at the Jun 28 high of 158.00, signalling the beginning of an upside reversal in the cross. 158.72, the 2.00 proj of the May 11 - 29 - 31 price swing, sits just above. For now, the week’s lows at 154.88 mark first support.

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

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