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Free AccessConsolidating, But Remains...........>
EURO-YEN TECHS: Consolidating, But Remains Bearish:
*RES 4: 120.33 100-dma
*RES 3: 120.01 High Sep 13 and the bull trigger
*RES 2: 119.06 Channel resistance drawn off Apr 17 high
*RES 1: 118.47 High Sep 27
*PRICE: 117.89 @ 04:52 GMT Oct 1
*SUP 1: 117.45 Low Sep 27 and 61.8% Sep3 - Sep13 rally
*SUP 2: 117.28 Low Sep 5
*SUP 3: 116.85 76.4% retracement Sep3 - Sep13 rally
*SUP 4: 116.13 Low Sep 4
EURJPY has entered a consolidative phase for now. The overall outlook remains
bearish though following the recent failure to clear bear channel resistance
drawn off the Apr 17 high. 117.56 support, Sep 12 low has been breached
signalling the potential for a deeper move lower towards the Sep 3 low of
115.87, the next key support. On the upside, a break of channel resistance at
119.06 and of resistance at 120.01 is still the requirement for a reversal.
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Why MNI
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.