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Free AccessHolding Onto This Weeks Gains *RES...>
EURO-YEN TECHS: Holding Onto This Weeks Gains
*RES 4: 122.37 High Jan 21 and key near-term resistance
*RES 3: 122.01 High Jan 22
*RES 2: 121.52 Former channel base drawn off the Sep 3 low
*RES 1: 121.15 High May 5
*PRICE: 120.67 @ 16:49 GMT Feb 6
*SUP 1: 119.78 Low Jan 30 and intraday bear trigger
*SUP 2: 119.58 Low Nov 25
*SUP 3: 119.25 Low Nov 14 and key support
*SUP 4: 118.73 Low Oct 11
EURJPY is holding onto this week's gains. The focus is on resistance at 121.47
marking the former bull channel base drawn off the Sep 3 low and breached on Jan
24. The break of this channel highlights a bearish theme however, if price is
able to trade back above the line this would signal a sentiment shift back to
bullish. A move lower and more importantly a break of 119.78, Jan 30 low, would
confirm a resumption of bearish activity.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.