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Trendline Support Remains Intact - For Now

EURJPY TECHS
  • RES 4: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 3: 158.90 2.0% 10-dma envelope
  • RES 2: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 1: 158.05 High Jul 21
  • PRICE: 155.40 @ 16:26 BST Jul 26
  • SUP 1: 155.15 Low Jul 26
  • SUP 2: 154.96 Trendline support drawn from the Mar 24 low
  • SUP 3: 153.72/49 50-day EMA / Low Jul 12
  • SUP 4: 151.61 High May 2

EURJPY trend conditions remain bullish despite this week’s move lower. Moving average studies are in a bull mode position and the price sequence of higher highs and and higher lows remains intact. Attention is on the bull trigger at 158.00, Jun 28 high. It has been pierced, a clear break would confirm a resumption of the long-term uptrend and open 158.72, a Fibonacci projection. Key trendline support, drawn from the Mar 24 low, is at 154.96.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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