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Holds Above 120.01 *RES 4: 123.36....>

EURO-YEN TECHS
EURO-YEN TECHS: Holds Above 120.01
*RES 4: 123.36 High Jul 1
*RES 3: 122.18 200-DMA
*RES 2: 121.68 50% retracement of Mar 4 - Sep 3 decline
*RES 1: 121.48/62 High Oct 21 / Bull channel top drawn off Sep 4 low
*PRICE: 120.92 @ 05:43 GMT Oct 29
*SUP 1: 120.36 Low Oct 25
*SUP 2: 120.01 High Sep 13 and former breakout level
*SUP 3: 119.75 Low Oct 16
*SUP 4: 119.12 Low Oct 15
EURJPY bounced relatively well Monday, edging north of Friday's lows. A bullish
outlook is maintained. This follows the recent break of 120.01, Sep 13 high
confirming a bullish price sequence of higher highs and higher lows. Note that
for the near-term, the uptrend has recently stalled at the top of a bull channel
drawn off Sep 4 low. This may result in a deeper correction and below 120.00. On
the upside, the trigger for a resumption of gains is 121.48.

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