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Bears still in command: *RES 4:......>

EURO-YEN TECHS
EURO-YEN TECHS: Bears still in command:
*RES 4: 120.52 50% retracement of Jun-Aug fall
*RES 3: 120.21 Low Jul 24
*RES 2: 120.05 Low Jul 25
*RES 1: 119.71/88 200-hma/High Aug 06
*PRICE: 118.99 @ 05:42 GMT Aug 08
*SUP 1: 118.29 Lower Bollinger Band (2%)
*SUP 2: 117.68 YTD low
*SUP 3: 117.24 Lower Bollinger Band (3%)
*SUP 4: 117.00 Psychological support
EURJPY rejected a break of the 120.00 level Tuesday with the retracement
extending back through 118.50 before pulling back. Momentum and technical
indicators remain bearish and this keeps the longer-term downtrend intact. A
break of the ytd low at 117.68, returns the focus to round number support at
117.00. Bulls need a convincing break of 120.00, before challenging the 50%
retracement of the Jun-Aug fall at 120.52.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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