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EURO-YEN TECHS: Breaks Below Trendline
The cross has begun to look increasingly weak having slipping below uptrend
support drawn from the Jan4 low and a close sub 124.50 will weaken the outlook
further. A weak close would suggest a run initially at the 123.79 level which
marks the Jan 24 lows ahead of the bottom of the channel at 123.54. Bulls
initially target 125.50 ahead of the Feb 2 high & down trendline resistance at
125.95/126.15. A recovery through here strengthens the uptrend bringing the 128
area back into focus.