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Channel Base Still Under Pressure....>

EURO-YEN TECHS
EURO-YEN TECHS: Channel Base Still Under Pressure
*RES 4: 123.36 High Jul 1, 2019
*RES 3: 122.87 High Jan 16 and near-term bull trigger
*RES 2: 122.37 High Jan 21 and key near-term resistance
*RES 1: 122.01 High Jan 22
*PRICE: 120.61 @ 16:22 GMT Jan 24
*SUP 1: 120.55 Low Jan 24
*SUP 2: 120.17 Low Jan 3 and 8 and key support
*SUP 3: 119.58 Low Nov 25
*SUP 4: 119.25 Low Nov 14
This week's sell-off in EURJPY resulted in a breach of the key bull channel base
at 121.01. The channel is drawn off the Sep 3 low and remains under pressure. A
test was last seen in early Jan however, this resulted in a false break. Watch
yesterday's low of 120.64, a breach would confirm a channel breakout and signal
scope for a deeper pullback initially towards 120.17, the Jan 3 and 8 low. Price
needs to trade above 122.01, Jan 22 to ease the bearish pressure.

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