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

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: 122.32 High Jul 10
*RES 1: 122.24/26 Cloud base / 50-dma
*PRICE: 121.60 @ 04:40 GMT Jul 16
*SUP 1: 121.32/16 Low Jul 3 / 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: 120.61 1% Lower 10-dma envelope
EURJPY maintains a bearish bias. Recent activity took on the appearance of a
bear flag formation, a continuation pattern and the sell-off on Friday and
yesterday 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 121.16 where a breach would highlight
a channel breakout and reinforce the bearish tone. 122.32 is resistance.

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