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Trendline Support Remains Intact

EURJPY TECHS
  • RES 4: 172.88 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: 169.70 @ 07:21 BST Jun 14
  • SUP 1: 168.09 Low Jun 4
  • SUP 2: 167.92 Trendline support drawn from the Dec 7 ‘23 low
  • SUP 3: 167.33/165.64 Low May 16 / 7
  • SUP 4: 164.02 Low May 3 and a pivot support

The EURJPY trend structure remains bullish and the recent move lower appears to be a correction. A resumption of gains would open 171.56, the Apr 29 high and the key resistance, where a break would confirm a continuation of the uptrend. Support to watch is 167.92, a key trendline drawn from the Dec 7 ‘23 low. A clear breach of this line would highlight a potential reversal and confirm a break of the 50-day EMA, at 167.63.

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