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EURO-YEN TECHS: Bullish Despite Pullback
*RES 4: 124.12 High Jun 8
*RES 3: 123.80 2.0% 10-dma envelope
*RES 2: 123.22 76.4% retracement of the Jun 5 - 22 downleg
*RES 1: 122.50 High Jul 15
*PRICE: 121.91 @ 06:09 BST Jul 16
*SUP 1: 121.47 Low Jul 14
*SUP 2: 120.70 Low Jul 13
*SUP 3: 120.26/27 Low Jul 1/10 and key S/T support
*SUP 4: 120.23/81 50-day EMA / Low Jun 26
EURJPY traded higher Tuesday but stalled at Wednesday's high. Nonetheless, the
cross maintains a bullish focus following this week's breach of key near-term
resistance at 121.97, Jul 6, 9 and 13 high. The current bullish theme follows
the recent recovery off 120.27, Jul 10 low that reversed the correction between
Jul 6 - 10. Attention is on the next objective at 123.22, a Fibonacci
retracement. Initial support lies at Tuesday's low of 121.47.

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