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Remains Above Trendline Support - For Now

EURJPY TECHS
  • RES 4: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 3: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 2: 157.12/158.00 High Jul 6 / High Jun 28 and the bull trigger
  • RES 1: 156.14 High Jul 14
  • PRICE: 155.62 @ 16:03 BST Jul 14
  • SUP 1: 153.52 Trendline support drawn from the Mar 24 low
  • SUP 2: 152.77 50-day EMA
  • SUP 3: 151.61 Low Jun 15
  • SUP 4: 151.07 High May 29

The current bear cycle in EURJPY remains in play and short-term gains appear corrective for now. Attention is on a trendline support at 153.32 and support at 152.77, the 50-day EMA. The trendline is drawn from the Mar 24 low. A break of this 153.52-152.77 support zone would strengthen bearish conditions and pave the way for a continuation lower. Initial resistance is seen at 155.67, the Jul 11 high.

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