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Trades Off Recent Highs

EURJPY
  • RES 4: 173.31 2.0% 10-dma envelope
  • RES 3: 172.00 Round number resistance
  • RES 2: 171.56 High Apr 29 and the bull trigger
  • RES 1: 170.89 High Jun 3
  • PRICE: 170.18 @ 16:54 BST Jun 4
  • SUP 1: 168.09 Low Jun 4
  • SUP 2: 167.05 Trendline support drawn from the Dec 7 ‘23 low
  • SUP 3: 165.64 Low May 7
  • SUP 4: 164.02 Low May 3

EURJPY has faded off recent highs. The medium-term trend structure, however, remains bullish and sights are on 171.56, the Apr 29 high and a key resistance. A break of this hurdle would confirm a resumption of the uptrend. Initial support at 169.16, the 20-day EMA, has broken. This exposes key trendline support drawn from the Dec 7 ‘23 low, at 167.05. A clear breach of this line would highlight a potential reversal.

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