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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Maintains A Bullish Tone

  • RES 4: 134.80 High Feb 8, 2018
  • RES 3: 134.43 Bull channel top drawn off the Oct 30, 2020 low
  • RES 2: 134.19 1.618 proj of Jun - Sep - Oct 2020 swing
  • RES 1: 134.06/09 High May 27 / Intraday high
  • PRICE: 133.70 @ 14:31 BST May 31
  • SUP 1: 132.52 Low May 24
  • SUP 2: 131.69 Low May 12
  • SUP 3: 130.99 Low May 5 and a key support
  • SUP 4: 130.98 Bull channel base drawn off the Oct 30, 2020 low

EURJPY traded higher into the end of last week, rallying to touch 134.06. Monday's high is marginally higher at 134.09. Fresh highs reinforce bullish conditions signalling scope for further gains within the rising channel drawn off the Oct 30 2020 low. The top of the channel intersects at 134.49. Moving average studies remain in bull mode, reinforcing current conditions. Initial firm support lies at 132.52, May 24 low.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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