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Bearish Risk Still Present *RES 4:...>

EURO-YEN TECHS
EURO-YEN TECHS: Bearish Risk Still Present
*RES 4: 126.07 High Apr 22, 2019
*RES 3: 125.96 50% retracement of the 2018 - 2020 sell-off
*RES 2: 124.43 High Jun 5 and the bull trigger
*RES 1: 122.61 High Jun 9
*PRICE: 121.73 @ 10:45 BST Jun 11
*SUP 1: 121.28/15 intraday low / High Mar 25
*SUP 2: 120.61 38.2% retracement of the May - Jun rally
*SUP 3: 120.16 20-day EMA
*SUP 4: 119.62 Low Jun 2
EURJPY remains vulnerable. Price action Monday in candle terms completed a 3-day
reversal known as an evening star. This suggests sentiment has reversed to
bearish and signals a top at Friday's high of 124.43. If correct, the risk is
for further weakness and a correction of the recent sharp rally that had entered
overbought territory. The focus is on support at 121.15 and 120.61 next. A break
above 124.43 is needed to resume the uptrend.

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