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EURO-YEN TECHS: Deeper Correction Possible
*RES 4: 123.36 High Jul 1
*RES 3: 122.24 200-DMA
*RES 2: 121.68 50% retracement of Mar 4 - Sep 3 decline
*RES 1: 121.47/48 Bull channel top drawn off Sep 4 low / High Oct 21
*PRICE: 120.93 @ 04:52 GMT Oct 24
*SUP 1: 120.01 High Sep 13 and former breakout level
*SUP 2: 119.75 Low Oct 16
*SUP 3: 119.12 Low Oct 15
*SUP 4: 118.73 Low Oct 11
EURJPY remains bullish, confirmed recently on the break of 120.01, Sep 13 high.
This reinforced the significance of the channel breakout on Oct 10 and confirmed
a reversal. Note that for the near-term however, the cross is pulling away from
the top of a bull channel drawn off Sep 4 low. This may result in levels below
120.00 as part of a deeper correction. On the upside, the trigger for a
resumption of gains is at 121.48.