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Break Of 55-DMA Threatened The.......>

EURO-YEN TECHS
EURO-YEN TECHS: Break Of 55-DMA Threatened
The 55-DMA at 129.23 is likely to act as a the line in the sand for EURJPY. This
level has been tested and slightly breached. While some positive divergence has
been developed by intraday momentum indicators rebounds look weak and corrective
in nature, suggesting bears still have the upper hand. A break below this level,
and the recent low of 129.13, would open the way for a decline towards the
127.15 area initially. Resistance now comes in at 130.30 ahead of the 130.67
level, a break of which is needed to restore the recent bullish structure.

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