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Free AccessDowntrend Intact *RES 4: 121.15......>
EURO-YEN TECHS: Downtrend Intact
*RES 4: 121.15 High May 5
*RES 3: 120.82 High Feb 7
*RES 2: 120.30 High Feb 12 and key near-term resistance
*RES 1: 119.74 High Feb 13
*PRICE: 118.82 @ 09:59 GMT Feb 18
*SUP 1: 118.72 Low Feb 18
*SUP 2: 118.50 1.0% 10-dma envelope
*SUP 3: 118.54 61.8% retracement of the Sep 2019 - Jan 2020 rally
*SUP 4: 118.06 1.00 projection of the Jan 16 - Jan 30 decline from Feb 5 high
EURJPY struggled last week and remains heavy with bearish trend conditions
clearly intact. The cross last week cleared former support at 119.78, Jan 30 low
to confirm a resumption of the downtrend with attention on 118.73 next, the Oct
11 low and 118.54, a Fibonacci retracement. Key near-term resistance has been
defined at 120.30, Feb 12 high. A break of this level is required to threaten
the current bearish cycle.
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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.