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Bearish within the channel: *RES.....>

EURO-YEN TECHS
EURO-YEN TECHS: Bearish within the channel:
*RES 4: 123.36 High Jul 1
*RES 3: 122.58 61.8% retracement of July fall
*RES 2: 122.37 Cloud base
*RES 1: 122.26/32 50-dma / High Jul 10
*PRICE: 121.78 @ 04:40 GMT Jul 15
*SUP 1: 121.32/14 Low Jul 3 and channel base drawn off the Jun 3 low
*SUP 2: 120.95 Low Jun 21
*SUP 3: 120.78 Low Jun 3 and major support
*SUP 4: 120.67 1% Lower 10-dma envelope
EURJPY maintains a bearish bias. Recent activity has taken on the appearance of
a bear flag formation, a continuation pattern and Friday's sell-off reinforces
this. A break of 121.32 would open 120.95, ahead of major support at 120.78.
Note the cross is also trading within a shallow channel drawn off the Jun 3 low.
The base intersects at 121.14 where a break would highlight a channel breakout
and reinforce the bearish tone. Resistance is at 122.32 from the Jul 10 high.

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