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Pulls Back From Tuesday’s High

EURJPY TECHS
  • RES 4: 146.74 High Dec 30, 2014
  • RES 3: 145.00/58 Round number resistance / High Dec 31 2014
  • RES 2: 144.58 0.764 proj of Mar 7 - 28 - Apr 5 swing
  • RES 1: 144.28 High Jun 28 and the bull trigger
  • PRICE: 142.53 @ 06:34 BST Jun 30
  • SUP 1: 141.49/40 20-day EMA / Low Jun 24
  • SUP 2: 139.45 Low Jun 17
  • SUP 3: 139.11/137.85 50-day EMA / Low Jun 16 and key support
  • SUP 4: 136.25 Low May 30

EURJPY traded higher Tuesday, delivering a fresh cycle high of 144.28. The cross has since found resistance and pulled back from Tuesday’s peak. Trend conditions are bullish however recent (failed) reversal patterns and the latest pullback, could be an early warning sign for bulls that the trend is mature. Support to watch is 141.40, the Jun 24 low and just above the 20-day EMA. A break would highlight a short-term top. The bull trigger is 144.28.

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