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Vulnerable Following Bull Channel Breakout

EURJPY TECHS
  • RES 4: 133.76/134.13 High Jun 10 / High Jun 1 and the bull trigger
  • RES 3: 132.88 High Jun 17
  • RES 2: 132.07 50-day EMA
  • RES 1: 131.43 High Jun 18
  • PRICE: 130.32 @ 06:48 BST Jun 21
  • SUP 1: 130.04 Intraday low
  • SUP 2: 129.59 Low Apr 23
  • SUP 3: 128.83 Low Mar 29
  • SUP 4: Low Mar 24 and key support

EURJPY remains weak. This follows sharp losses last week and scope is seen for a deeper pullback. Last week's move lower resulted in a break of the 50-day EMA and importantly a breach of the bull channel support at 131.78. The channel is drawn off the Oct 30, 2020 low. This highlights a reversal in sentiment and note, price is also through the 100-dma. Attention is on 130.00 and 129.59, Apr 23 low. Initial resistance is seen at 131.43, Jun 18 high.

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