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Heavy below 120.00: *RES 3:..........>

EURO-YEN TECHS
EURO-YEN TECHS: Heavy below 120.00:
*RES 3: 119.69/75 21-dma / Upper 1.0% 10-dma envelope
*RES 2: 119.75/88 38.2% retracement of Jul-Aug fall / High Aug 06
*RES 1: 119.59 High Aug 13
*PRICE: 118.38 @ 08:33 GMT Aug 15
*SUP 1: 117.69 Pullback low off 119.59
*SUP 2: 117.52 Low Aug 12 and bear trigger
*SUP 3: 117.00 Psychological support
Risk-off returned after the 2y10y US yield curve inverted for the first time
since 2007 Wednesday. Sharp falls in global equities pressured EURJPY back under
118.50 to counter Monday's bullish engulfing reversal pattern, which signalled a
potential shift in sentiment. Today's break higher has done little to reverse
the bearish trend, which remains intact with key support and bear trigger at
117.52. A break would open 117.00. Bulls need to recover 119.59, before
challenging the Aug 6 high and psychological 120.00 level.

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