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Holding On To Its Recent Gains

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: 155.75 High Jun 21
  • RES 1: 155.71 2.0% 10-dma envelope
  • PRICE: 155.55 @ 16:50 BST Jun 21
  • SUP 1: 153.09/151.61 Low Jun 16 / 15
  • SUP 2: 151.41 20-day EMA
  • SUP 3: 150.04 Low Jun 13
  • SUP 4: 149.28 50-day EMA

EURJPY traded sharply higher last week and the cross is holding on to its gains. 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 a material break of 155.59, a Fibonacci projection - tested on Wednesday. Initial firm support is seen at 151.41, the 20-day EMA. A break would signal a short-term top. Pullbacks are considered corrective - for now.

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