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Bounce Considered Corrective

EURO-YEN TECHS
  • RES 4: 126.46 High Sep 10
  • RES 3: 125.77 High Sep 15
  • RES 2: 124.43 Low Sep 9 and recent breakout level
  • RES 1: 124.06/10 50- and 20-day EMA
  • PRICE: 123.48 @ 10:49 BST Sep 29
  • SUP 1: 122.38/28 Low Sep28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 2: 121.82 Low Jul 15 and 16
  • SUP 3: 121.14 76.4% retracement of the Jun 22 - Sep 1 rally
  • SUP 4: 121.01 2.0% 10-dma envelope

EURJPY traded lower Monday to breach last week's 122.52 low but has since rebounded. The outlook though remains bearish. A bear flag formation on the daily chart and yesterday's break lower reinforces the bearish threat. Recent weakness has also seen the cross clear a key support at 124.43, Sep 9 low and clear the 50-day EMA. The focus is on 122.28 next, 61.8% of the Jun 22 - Sep 1 rally. Firm resistance is at 124.06/10, EMA levels.

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