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Back Under 124.00 The risk-off.......>

EURO-YEN TECHS
EURO-YEN TECHS: Back Under 124.00
The risk-off theme spilled over into Europe which has seen JPY sit top of G10
across the board. EURJPY breached the 124.00 level with ease and extended the
downtrend to 123.66, its lowest level in two months. The outlook remains bearish
with focus on the 50% retracement of 109.57-137.50 & Jan 15 low at 123.54/40.
Below here opens a run at the 123 level ahead of trendline support at 122.89.
Bulls need to recover 125 to put the focus back on the 50-dma at 125.33, above
here opens a run at pivotal resistance & the Mar 22 high at 125.95/126.18.

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