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Bullish engulfing reversal?: *RES....>

EURO-YEN TECHS
EURO-YEN TECHS: Bullish engulfing reversal?:
*RES 3: 118.46/48 1.0% 10-dma envelope / High Aug 19
*RES 2: 118.20 High Aug 26
*RES 1: 117.94 High Aug 29 and key near-term resistance
*PRICE: 117.52 @ 08:32 GMT Sep 5
*SUP 1: 116.13/115.87 Low Sep 4 / Low Sep 3
*SUP 2: 115.02 1.382 projection of Apr 17 - Jun 3 decline from Jul 1 high
*SUP 3: 115.00 Psychological support & 2.0% 10-dma envelope
EURJPY staged a decent reversal yesterday. In terms of some initial positive
signs for bulls, yesterday's candle pattern is a bullish engulfing. This is
potentially important given that bullish divergence between price and momentum
is developing. These are early days and for now, the underlying trend remains
bearish. The bear trigger is 115.87, a break would open the 115.02 Fibonacci
projection and the Apr 2017 low 114.85. On the upside, watch resistance at
117.94.

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