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EURO-YEN TECHS: Correcting Higher
*RES 4: 117.78 High Apr 30 and bull trigger
*RES 3: 117.31 High May 4
*RES 2: 116.57 High May 5
*RES 1: 115.45/75 Low Apr 29 / Intraday high
*PRICE: 114.91 @ 10:38 BST May 7
*SUP 1: 114.43 Low May 6
*SUP 2: 113.87 1382 projection of the Feb 20 - Mar 9 decline from Mar 25
*SUP 3: 113.73 Low Nov 9, 2016
*SUP 4: 113.24 1.500 projection of the Feb 20 - Mar 9 decline from Mar 25
EURJPY is firmer this morning however remains bearish. The cross has this week
traded at levels last seen in Nov 2016 and has cleared an important support at
115.45, Apr 29 low to negate recent bullish price action and more importantly
confirm a resumption of the primary downtrend. Scope is seen for weakness
towards 113.87, a Fibonacci projection level next. On the upside, resistance is
at 115.45 and 115.75.

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