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EURO-YEN TECHS: Bearish Threat Still Present
*RES 4: 117.31 High May 4
*RES 3: 117.03 1.0% 10-dma envelope
*RES 2: 116.85 High May 12
*RES 1: 116.41 High May 13
*PRICE: 115.73 @ 10:36 BST May 15
*SUP 1: 115.33 Low May 14
*SUP 2: 114.43 Low May 6 and bear trigger
*SUP 3: 113.87 1.382 projection of the Feb 20 - Mar 9 decline from Mar 25
*SUP 4: 113.73 Low Nov 9, 2016
EURJPY found support on May 6 at 114.43, May 6 low. The recovery off this level
stalled at 116.85 Tuesday and the price has since pulled back. 116.85 marks a
key near-term resistance where a break would fuel bullish interest and open
117.78, Mar 30 high. The cross recently traded at levels last seen in Nov 2016
and also cleared an important support at 115.45, Apr 29. This highlights the
stronger bearish threat with 114.43 the trigger for a resumption of weakness.

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