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Trendline Support Remains Intact

EURJPY TECHS
  • RES 4: 172.44 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: 170.14 / 89 High Jun 13 / 3
  • PRICE: 169.24 @ 16:38 BST Jun 17
  • SUP 1: 167.53 Low Jun 14
  • SUP 2: 167.33 Low May 16
  • SUP 3: 165.64 Low May 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. Note that the cross has pierced a key support at 168.14, a key trendline drawn from the Dec 7 ‘23 low. The line remains intact, however, a clear breach of it would undermine a bullish theme and highlight a potential reversal. The 50-day EMA, at 167.73, has also been pierced. Initial firm resistance to watch is at 170.14, the Jun 13 high.

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