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Trend Needle Points South

EURJPY TECHS
  • RES 4: 142.32 High Jul 21 and key resistance
  • RES 3: 142.01 2.0% 10-dma envelope
  • RES 2: 139.17/140.69 20-day EMA / High Jul 22
  • RES 1: 137.33 High Jul 29
  • PRICE: 135.45 @ 06:45 BST Aug 1
  • SUP 1: 135.15 Intraday low
  • SUP 2: 134.58 Low May 20
  • SUP 3: 133.93 Low May 19
  • SUP 4: 132.66 Low May 12 and a key support

EURJPY is trading lower again and trend conditions remain bearish. This reinforces the current downward cycle and marks an extension of last week’s breach of support at 136.87, the Jul 8 low. The break strengthened bearish conditions and has paved the way for a move towards 133.93 next, the May 19 low. Initial firm resistance is seen at 139.17, the 20-day EMA. Key resistance has been defined at 142.32, the Jul 21 high.

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