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EURO-YEN TECHS: Correction Or Reversal?
*RES 4: 121.88 High Jan 23
*RES 3: 121.40/50 High Feb 20 / 2.0% Upper Bollinger Band
*RES 2: 121.04 High Feb 27
*RES 1: 120.95 Intraday high
*PRICE: 119.81 @ 17:48 GMT Mar 3
*SUP 1: 118.07 Low Mar 2
*SUP 2: 117.80 3.0% Lower Bollinger Band
*SUP 3: 117.72 2.0% 10-dma envelope
*SUP 4: 117.52 76.4% Sep 2019 - Feb 2020 Rally
EURJPY bounced sharply higher Monday. It remains too early still to determine
whether the recovery is a reversal or a correction although, the directional
bias is in a more neutral state following the modest recovery. A break of 118.07
would open the early October lows at 117.08. Clearance of this support would
pave the way for weakness towards the 2019 low at 115.87. The next firm
resistance is 121.40, the Feb 20 high.

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