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Trend Condition Remains Bullish

EURJPY TECHS
  • RES 4: 176.59 2.0% 10-dma envelope
  • RES 3: 175.40 1.50 proj of the May 3 - 15 - 16 price swing
  • RES 2: 174.77 1.382 proj of the May 3 - 15 - 16 price swing
  • RES 1: 174.63 High Jul 08
  • PRICE: 174.29 @ 06:50 BST Jul 09
  • SUP 1: 173.09 Low Jul 2 / 1
  • SUP 2: 172.02 20-day EMA
  • SUP 3: 169.77/167.53 Trendline from the Dec 7 ‘23 low / Low Jun 14
  • SUP 4: 167.33 Low May 16

The EURJPY trend structure is unchanged, it remains bullish and the cross is trading at its recent highs. The recent break of a key resistance and bull trigger at 171.56, the Apr 29 high, confirmed a resumption of the uptrend. Moving average studies also highlight a clear rising trend - they remain in a bull-mode set-up. Sights are on 174.77, a Fibonacci projection. Firm support lies at 172.02, the 20-day EMA.

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