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EUR/JPY is likely to consolidate this week as long as it stays below immediate resistance at 158.40. Any break of 158.40 would be short-term bullish, exposing upside toward top of ascending channel from May 06', now at 157.90. Initial support at channel base, now at 156.20, any break of which would be short-term bearish. Medium-term outlook positive with both weekly MA& trend lines are bullish. Daily charts are bullish; any close for week above 158.60 will be a strong buying signal.
Trends:
Primary Tendency
The primary tendency remains bullish, started in May 05' with low at 130.61 and high at 158.90 on Feb 07.
Minor Tendency
The pair is heading up towards 158.60
Technical levels:
Resistance:
162.40
159.00
Support:
157.55
156.20
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