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Downside Focus *RES 4: 122.01 High...>

EURO-YEN TECHS
EURO-YEN TECHS: Downside Focus
*RES 4: 122.01 High Jan 22
*RES 3: 121.62 Former channel base drawn off the Sep 3 low
*RES 2: 121.15 High May 5
*RES 1: 120.82 High Feb 7
*PRICE: 120.15 @ 10:36 GMT Feb 10
*SUP 1: 119.78 Low Jan 30 and intraday bear trigger
*SUP 2: 119.58 Low Nov 25
*SUP 3: 119.25 Low Nov 14 and key support
*SUP 4: 118.73 Low Oct 11
The EURJPY sell-off Friday marks a likely end to the recent corrective recovery
and a resumption of the bearish theme. A broader bearish outlook follows the
break on Jan 24 of the bull channel base. Furthermore, recent gains stalled
ahead of the former base-now-resistance at 121.62. The focus is on 119.78, the
Jan 30 low. If cleared this would confirm a resumption of the downtrend and open
119.58 and 119.25. Initial resistance is 120.82 ahead of 121.15.

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