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Free AccessDeeper Correction Possible *RES 4:...>
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.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.