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EURO-YEN TECHS: Breaks Below 4 Month Rising Support Line
*RES 4: Y130.45 Aug 3 low, now resistance
*RES 3: Y130.10 Aug 4 low, now resistance
*RES 2: Y129.55/56 Former support base late July, Aug 9 high
*RES 1: Y129.20/30 Hourly resistance
*PRICE: Y128.64 @1024GMT
*SUP 1: Y128.44/49 Aug 9, Jul 13 lows
*SUP 2: Y127.97/00 38.2% Fibo of Y122.40-Y131.41, Jul 6 low
*SUP 3: Y127.75 1.618 swing of Y128.44-Y129.56
*SUP 4: Y127.52 2% volatility band
*COMMENTARY* Support from both the congested Y129.55 area and the 4 month rising
support line gave way on Wednesday. This leaves support around the Jul 13 low at
Y128.49 as the next downside defence against a greater loss, as we correct gains
seen since the mid June low at Y122.40. In the interim, Y129.20-30 forms initial
resistance, the former support base at Y129.55 of more consequence higher.
Sustained move below Y128.49 and look to Y127.97-Y127.52 next.