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(M2) Bearish Risk Remains Present


Downtrend Remains Intact


Post-LIBOR Settle Update: 3M Recedes, Whites Rebound

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EURO-YEN TECHS: Gains Considered Corrective
*RES 3: 117.31 High May 4
*RES 2: 117.25 1.0% 10-dma envelope
*RES 1: 116.85 High May 12
*PRICE: 116.62 @ 16:29 BST May 12
*SUP 1: 115.03 Low May 8
*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
EURJPY managed to find support at 114.43, May 6 low to trade higher both Monday
and Tuesday. For now, these gains are considered corrective with the broader
outlook still bearish. The cross last week 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. Next resistance is at 117.31, May 4 high. A
break of this level is required to instead suggest scope for stronger intraday

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