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Hits Reversal Trigger

EURO-YEN TECHS
  • RES 4: 127.50 High Mar 1, 2019
  • RES 3: 127.08 High Sep 1 and key resistance
  • RES 2: 126.46 High Sep 10
  • RES 1: 125.77 High Sep 15
  • PRICE: 123.99 @ 19:47 BST Sep 16
  • SUP 1: 123.89 Low Sep 16
  • SUP 2: 123.19 50.0% retracement of the Jun 22 - Sep 1 rally
  • SUP 3: 122.78 1.0% 10-dma envelope
  • SUP 4: 122.25 38.2% retracement of the Jun 22 - Sep 1 rally

EURJPY took out key support at 124.43 Wednesday, turning the outlook more negative. This signals scope for a deeper pullback and exposes 123.19, 50.0% of the Jun 22 - Sep 1 rally and nullifies the underlying uptrend. Initial firm resistance is at 126.46, Sep 10 high. Key trend resistance and the bull trigger is at 127.08, Sep 1 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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