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Bear flag formation: *RES 4: 123.74/79.....>

EURO-YEN
EURO-YEN: Bear flag formation:
*RES 4: 123.74/79 High May 21 and 50% retracement of Apr 17-Jun 3 decline
*RES 3: 123.36 High Jul 1
*RES 2: 122.46/70 50-dma / cloud base
*RES 1: 122.13 Intraday High
*PRICE: 121.98 @ 04:47 GMT Jul 9
*SUP 1: 121.32 Low Jul 4
*SUP 2: 120.95 Low Jun 21
*SUP 3: 120.78 Low Jun 3 and major support
*SUP 4: 120.00 Psychological round number
EURJPY outlook remains bearish with price activity over past four sessions
taking on appearance of a bear flag formation. This is a continuation pattern.
Scope exists for a deeper move lower to 120.95 ahead of major support at 120.78.
A break of the latter level would negate the prospect of a double bottom
highlighted recently, and instead confirm a resumption of the downtrend opening
120.00. Resistance is seen at 122.50/60 from a series of hourly highs/lows.

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