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Key Short-Term Support Gives Way

EURJPY TECHS
  • RES 4: 144.28 High Jun 28 and key resistance
  • RES 3: 142.37 High Jul 5
  • RES 2: 140.75 20-day EMA
  • RES 1: 139.50 High Jul 6
  • PRICE: 138.50 @ 16:11 BST Jul 8
  • SUP 1: 136.87 Low Jul 8
  • SUP 2: 136.61 3.0% 10-dma envelope
  • SUP 3: 136.25 Low May 30
  • SUP 4: 135.40 76.4% retracement of the May 12 - Jun 28 climb

The EURJPY outlook is bearish following the recent reversal from 144.28, the Jun 28 high. This has resulted in a move below both the 20- and 50-day EMAs and on Wednesday, the cross attempted to break support at 137.85 before slipping through on Friday. The clear breach of this level strengthens bearish conditions and opens 136.25, the May 30 low. Initial firm resistance is seen at 142.37, the July 5 high.

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