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Still Appreciating

EURJPY TECHS
  • RES 4: 144.58 0.764 proj of the Mar 7 - 28 - Apr 5 price swing
  • RES 3: 144.04 Low Jan 1 2015
  • RES 2: 142.78 High Jan 6 2015
  • RES 1: 142.38 Intraday high
  • PRICE: 142.34 @ 06:55 BST Jun 8
  • SUP 1: 140.00 High Apr 21 and recent breakout level
  • SUP 2: 138.32/37.96 High May 9 / 20-day EMA
  • SUP 3: 136.33/133.93 50-day EMA / Low May 19
  • SUP 4: 133.49 100-dma

EURJPY continues to appreciate and extend gains above the Y140.00 handle. The break of this level strengthened bullish conditions and confirmed a resumption of the uptrend that started Mar 7. Moving average studies also point north, reinforcing current bullish conditions. The focus is on 142.78 next, the Jan 6 2015 high. The trend has entered overbought territory, any pullback though would be considered corrective. Initial support is seen at 140.00.

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