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Fades ahead of 120.00: *RES 4:.......>

EURO-YEN TECHS
EURO-YEN TECHS: Fades ahead of 120.00:
*RES 4: 120.52 50% retracement of Jun-Aug fall
*RES 3: 120.13/21 200-hma/Low Jul 24
*RES 2: 120.05 Low Jul 25
*RES 1: 119.88 Intraday high
*PRICE: 119.18 @ 08:50 GMT Aug 06
*SUP 1: 118.59 Lower Bollinger Band (2%)
*SUP 2: 117.68 YTD low
*SUP 3: 117.53 Lower Bollinger Band (3%)
*SUP 4: 117.00 Psychological support
EURJPY extended the recovery off multi-year lows, before fading ahead of the
120.00 level. Bulls now look for a move through here and the Jul 25 low, before
challenging the 50% retracement at 120.52. However, technical indicators remain
bearish and keeps the longer-term downtrend intact. A break of the ytd low at
117.68, returns the focus to round number support at 117.00.

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