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Downside Being Challenged After......>

EURO-YEN TECHS
EURO-YEN TECHS: Downside Being Challenged After Failure Below Y133.39
*RES 4: Y133.06/11 Feb 21, Feb 16 highs
*RES 3: Y132.78 Hourly recovery high Feb 21
*RES 2: Y132.50 Hourly congestion Feb 20-21
*RES 1: Y132.20/27 Hourly resistance, initial low Feb 21
*PRICE: Y131.97 @1020GMT
*SUP 1: Y131.32 1% volatility band
*SUP 2: Y131.17 Nov 17 low
*SUP 3: Y131.04 1.618 swing of Y131.81-Y133.06
*SUP 4: Y130.51 1.618 swing of Y131.61-Y133.39
*COMMENTARY* Wednesday's rally left us short of the Feb 14 high at Y133.39.
Needed to post gains back above here, before any confidence in the topside would
have been restored. Have seen a swift move down since, losing Tuesday's Y132.12
low and also the previous Y131.81-Y131.61 basing area. The 1% volatility band at
Y131.32 now the protection to the Nov 17 low at Y131.17, beneath which
Y131.04-Y130.51 becomes next target zone. Resistance Y132.20-Y132.50.

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