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76.4% Fibo At Y130.14 The Near.......>

EURO-YEN TECHS
EURO-YEN TECHS: 76.4% Fibo At Y130.14 The Near Term Protection Now
*RES 4: Y132.23 Underside prev broken 5 month support line
*RES 3: Y131.71 Aug 30 high
*RES 2: Y131.35 Sep 1 high
*RES 1: Y130.71 Aug 31 low, now resistance
*PRICE: Y130.52 @0848GMT
*SUP 1: Y130.14 76.4% Fibo of Y129.66-Y131.71
*SUP 2: Y129.63/66 50% of Y127.56-Y131.71, Aug 28 low
*SUP 3: Y129.15/19 61.8% of Y127.56-Y131.71, Aug 22 high
*SUP 4: Y128.78 1% volatility band
*COMMENTARY* The rally faltered at Y131.71 last week, before succumbing to some
near term overbought conditions. So far the 76.4% Fibo level at Y130.14 has held
the fall and this currently protects against a greater correction of gains from
the Aug 18 low at Y127.56. Resistance comes initially from below last Thursday's
Y130.71 base but likely needs a further recovery through Friday's Y131.35 high,
before confidence in the upside can be restored.

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