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Bearish outlook: *RES 4: 120.05......>

EURO-YEN TECHS
EURO-YEN TECHS: Bearish outlook:
*RES 4: 120.05 Low Jul 25
*RES 3: 119.75/88 38.2% retracement of Jul-Aug fall / High Aug 06
*RES 2: 119.01/16 200-hma/High Aug 8
*RES 1: 118.41/71 Intraday high/100-hma
*PRICE: 118.20 @ 15:16 GMT Aug 12
*SUP 1: 117.52 Intraday & ytd low
*SUP 2: 117.00 Psychological support
*SUP 3: 116.67 Lower 2.0% 10-dma envelope
*SUP 4: 116.47 Low Apr 21 2017
Last week's rejection of the 120.00 level has seen EURJPY extend the pullback to
fresh cycle lows of 117.52. Momentum and technical indicators remain bearish
with the focus on psychological support around the 117.00 level. A break would
open a deeper correction towards the lower 2.0% 10-dma envelope & Apr 21 2017
low at 116.67/47. Bulls need a convincing break of 120.00 to signal a short-term
base, before challenging the 50% retracement of the Jul-Aug fall at 120.44.

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