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Key support at 120.78 exposed:.......>

EURO-YEN TECHS
EURO-YEN TECHS: Key support at 120.78 exposed:
*RES 4: 124.22 100 DMA
*RES 3: 123.74/79 High May 21 and 50% retracement of Apr 17-Jun 3 decline
*RES 2: 123.36/49 High Jul 1 / cloud base
*RES 1: 122.69 50-dma
*PRICE: 121.49 @ 04:39 GMT Jul 3
*SUP 1: 121.42 Intraday low
*SUP 2: 120.95 Low Jun 21
*SUP 3: 120.78 Low Jun 3 and major support
*SUP 4: 120.00 Psychological round number
EURJPY failed to consolidate Monday's gains and has since been under strong
selling pressure. Today's follow through highlights the short-term risk for
deeper losses with support at 120.95 and 120.78 exposed. A break of the latter
level would negate the prospect of a double bottom highlighted recently, and
instead confirm a resumption of the downtrend exposing the psychological 120.00
handle. Heavy for now.

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