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Reversal Threat

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: 144.25 High Jun 8/23 and the bull trigger
  • PRICE: 143.21 @ 06:53 BST Jun 28
  • SUP 1: 141.18 20-day EMA
  • SUP 2: 139.45 Low Jun 17
  • SUP 3: 138.80/37.85 50-day EMA / Low Jun 16 and key support
  • SUP 4: 136.25 Low May 30

EURJPY continues to trade closer to its recent highs. Price action last week, between Jun 21-23, still represents a concern for bulls. A 3-day candle pattern - evening star reversal - was confirmed on June 23. This is a strong reversal pattern and warns of a deeper pullback near-term. The next support is 141.181, the 20-day EMA. Key resistance is 144.25, a break is required to confirm a resumption of the uptrend and this would remove a bearish threat.

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