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Bear flag: *RES 3: 123.36 High....>

EURO-YEN TECHS
EURO-YEN TECHS: Bear flag:
*RES 3: 123.36    High Jul 1
*RES 2: 122.46/58 50-dma / cloud base
*RES 1: 122.13    Intraday High
*PRICE: 121.93    @ 08:43 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
Despite briefly reclaiming the 122 level, the outlook remains bearish with price
activity over the past four sessions taking on the appearance of a bear flag
formation. This is a continuation pattern. Scope exists for a deeper correction
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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