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Free AccessEdges Lower *RES 4: 117.31 High......>
EURO-YEN TECHS: Edges Lower
*RES 4: 117.31 High May 4
*RES 3: 117.21 1.0% 10-dma envelope
*RES 2: 116.85 High May 12
*RES 1: 116.41 High May 13
*PRICE: 117.19 @ 06:10 BST May 14
*SUP 1: 115.30 Low May 11
*SUP 2: 114.43 Low May 6 and bear trigger
*SUP 3: 113.87 1382 projection of the Feb 20 - Mar 9 decline from Mar 25
*SUP 4: 113.73 Low Nov 9, 2016
EURJPY found support last week at 114.43, May 6 low. The recovery off this level
stalled at 116.85, Tuesday's high and price is trading lower. Recent gains are
most likely a correction with a broader bearish outlook intact. The cross
recently traded at levels last seen in Nov 2016 and also cleared an important
support at 115.45, Apr 29 low to confirm a resumption of the primary downtrend.
The key bear trigger lies at 114.43. Resistance is at 16.85. Bearish!
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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.