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Eyeing Key Support

EURO-YEN TECHS
  • RES 4: 125.00/09 High Oct 20 and Oct 9
  • RES 3: 124.23 High Oct 23 and 26
  • RES 2: 123.98 20-day EMA
  • RES 1: 123.19 Intraday high
  • PRICE: 122.37 @ 10:03 GMT Oct 28
  • SUP 1: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 2: 122.25 38.2% retracement of the May - Sep rally
  • SUP 3: 121.82 Low Jul 15 / 16
  • SUP 4: 121.50 0.764 proj of Sep 1 - 28 decline from Oct 9 high

EURJPY has today cleared support at 123.03/02, low prints between Sep 29 and Oct 15. The break of this support undermines the recent bullish outlook and instead signals scope for a deeper sell-off towards 122.38, Sep 28 low and the bear trigger. The recent failure at 125.09 and 125.00, Oct 9 and 20 highs respectively, weigh on the pair. A break of 122.38 would open 121.82, the Jul 15 / 16 low. Initial resistance is at 123.19, today's intraday high

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