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EURO-YEN TECHS: It's beginning to look like an interesting technical day in
EURJPY. Recently, the cross has corrected lower since peaking at 121.48 on Oct
21. This saw prices retrace within a bull channel drawn off the Sep 3 low.
Today's bounce comes off a test in the past 24hrs of an important support level
at 119.50/40. If prices can hold today's gains going into the close, we could
see a bullish candle pattern unfold, a bullish engulfing reversal. This would be
seen as a potentially strong set-up / signal for the cross ahead of next week's
Note too in USDJPY, that although the pair cleared its channel support yesterday
at 111.43, prices are currently trading back above the channel. The channel is
drawn off the Aug 26 low. A break above yesterday's high of 108.86 and the
109.00 handle would likely offset yesterday's bearish price action.