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EURO-YEN TECHS
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: 114.88 @ 16:37 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 traded marginally firmer Thursday however the broader outlook 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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