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Faltering below Y122 keeps outlook...>

EURO-YEN TECHS
EURO-YEN TECHS: Faltering below Y122 keeps outlook bearish
The corrective pullback off the Tuesday (Jun11) high last week of 123.18
extended through 122 to keep the recent downtrend intact. Rate closed at 121.69
Friday, below the 50% retracement of the June range at 121.98 and seen
triggering renewed bearish signals. Any move back under the triangle top returns
the focus to the Jun 6 low at 121.26. Bulls need to clear 123.00 & the Jun 11
high to reignite the uptrend, opening a run at the 1.0% 10-dma envelope & May 22
high at 123.44/51.

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