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Free AccessBull Channel Remains Intact *RES.....>
EURO-YEN TECHS: Bull Channel Remains Intact
*RES 4: 122.65 High Dec 13 and bull trigger
*RES 3: 122.50 High Dec 27
*RES 2: 122.02 High Jan 2
*RES 1: 121.45 High Jan 7 and key intraday resistance
*PRICE: 121.27 @ 17:09 GMT Jan 8
*SUP 1: 120.46/17 Bull channel base drawn off the Sep 3 low / Low Dec 3
*SUP 2: 119.99 Low Dec 9
*SUP 3: 119.58 Low Nov 25
*SUP 4: 119.25 Low Nov 14
EURJPY has been choppy today trading to a low of 120.17 before rebounding. Key
channel support continues to hold, despite a test below it earlier today. The
channel is drawn off the Sep 3 low and intersects at 120.46. Although gains off
the intraday lows are encouraging for bulls, a break of the 121.45, Jan 7 high
is required to reestablish a stronger bullish tone. Bulls now have a clear risk
parameter at Friday's low of 120.17. A breach would confirm a channel breakout.
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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.