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EURO-YEN TECHS: Bounces After Test Toward Y128.00-Y127.97 Support
*RES 4: Y130.87 Aug 7 high
*RES 3: Y130.60/65 Congestion area Aug 3-Aug 8
*RES 2: Y130.10 Aug 4 low, now resistance
*RES 1: Y129.65/77 Intraday high, broken 4 month suppt line
*PRICE: Y129.44 @0945GMT
*SUP 1: Y128.85/95 Hourly support
*SUP 2: Y128.40/45 Hourly congestion Aug 10-11
*SUP 3: Y127.97/00 38.2% Fibo of Y122.40-Y131.41, Jul 6 low
*SUP 4: Y127.34 2% volatility band
*COMMENTARY* After losing support from the 4 month rising support line last
week, the downside pulled up just shy of the key Y128.00-Y127.97 area. This the
next line of defence and protection against a further fall toward
Y127.34-Y126.91. In the interim, the move back above Y129.25 now sees the base
of that broken support line at Y126.77 as resistance against a continued
Y130.10-Y130.65 recovery. Support in the meantime, rises to Y128-95-Y128.40.