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Channel Base Under Pressure *RES.....>

EURO-YEN TECHS
EURO-YEN TECHS: Channel Base 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: 121.01 @ 06:08 GMT Jan 24
*SUP 1: 120.64 Low Jan 23
*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
Bears succeeded in taking EURJPY through the base of its bull channel at 121.01
Thursday, reigniting a bearish argument. A clear breach of the channel base,
drawn off the 115.87 low would highlight a more significant reversal of the 4.5
month recovery and expose the early January lows of 120.17. Clearance of this
level would further reinforce a bearish threat. Price needs to trade above
122.01, Jan 22 to ease the bearish pressure.

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