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Edges Lower

EURO-YEN TECHS
  • RES 4: 126.46 High Sep 10 and a key resistance
  • RES 3: 125.77 High Sep 15
  • RES 2: 125.09/28 High Oct 9 / 61.8% of the Sep 1 - 28 sell-off
  • RES 1: 124.48 High Oct 13
  • PRICE: 123.33 @ 10:43 BST Oct 15
  • SUP 1: 123.03 Low Sep 29 and Oct 2 and key near-term support
  • SUP 2: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 3: 122.25 38.2% retracement of the May - Sep rally
  • SUP 4: 121.82 Low Jul 15 and 16

EURJPY maintains a softer tone, trading lower once again this morning. While near term weakness is considered a correction, attention turns to support at 123.03, Oct 6 low with the former support at 123.86, Oct 6 low breached. This week's move below 123.86 strengthens the intraday bearish tone and clearance of 123.03 would highlight scope for a deeper pullback. Key resistance is at 125.09, Oct 9 high. Initial resistance is at 124.48.

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