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Downtrend Resistance In Focus........>

EURO-YEN TECHS
EURO-YEN TECHS: Downtrend Resistance In Focus
EURJPY broke above downtrend resistance from the May 15 high yesterday which now
puts the focus on the 122 level ahead of key down trendline resistance from the
April 17 high and the 21-dma at 122.40/50. Above here would suggest an upside
reversal. Bears need to clear 121.00 and Monday's low to extend the pullback
towards long-term trendline support at 120.45. Further support is located at
120.24 from the 61.8% retracement, ahead of a run at the psychological 120
level.

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