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Breaks Key Support, Hitting Bear Trigger

EURO-YEN TECHS
  • RES 4: 125.00/09 High Oct 20 and Oct 9
  • RES 3: 124.23 High Oct 23 and 26
  • RES 2: 123.98 20-day EMA
  • RES 1: 123.19 High Oct 28
  • PRICE: 122.51 @ 17:15 GMT Oct 28
  • SUP 1: 122.19 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 2: 122.25 38.2% retracement of the May - Sep rally
  • SUP 3: 121.82 Low Jul 15 / 16
  • SUP 4: 121.50 0.764 proj of Sep 1 - 28 decline from Oct 9 high

EURJPY cleared support at 123.03/02 as well as 122.25 Wednesday, undermining the recent bullish outlook and signals scope for a deeper sell-off towards 121.82 - levels not seen since July. The recent failure at 125.09 and 125.00, Oct 9 and 20 highs respectively, weigh on the pair. Initial resistance is at 123.19, the Wednesday high.

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