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Consolidating but remains bearish:...>

EURO-YEN TECHS: Consolidating but remains bearish:
*RES 4: 122.54 High Jul 2
*RES 3: 122.32 High Jul 10
*RES 2: 121.76/85 50-dma / High Jul 15
*RES 1: 121.38 High Jul 25 and Jul 30
*PRICE: 121.10 @ 04:29 GMT Jul 31
*SUP 1: 120.05 Low Jul 25
*SUP 2: 120.00 Psychological round number/ 3% Lower Bollinger Band
*SUP 3: 119.77 Lower 1.0% 10-dma envelope
*SUP 4: 118.71 YTD low
EURJPY continues to consolidate just below resistance at 121.38. A break of this
level is required to suggest the onset of a more bullish outlook. Note, this
would also take the cross back above the former bear channel base drawn off the
Jun 3 low. The channel base was breached on Jul 18. A move through 121.38 would
open the 50-dma at 121.76. For now, the bearish trend remains intact. A breach
of 120.05 would open the ytd low of 118.71.

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