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Free AccessMNI: EURJPY: Trading At Bull Channel Top *RES 4:.....>
MNI: EURJPY: Trading At Bull Channel Top
*RES 4: 123.36 High Jul 1
*RES 3: 122.27 200-DMA
*RES 2: 121.68 50% retracement of Mar 4 - Sep 3 decline
*RES 1: 121.37/48 Bull channel top drawn off Sep 4 low / High Oct 21
*PRICE: 120.91 @ 09:26 GMT Oct 22
*SUP 1: 120.01 High Sep 13 and former breakout level
*SUP 2: 119.75 Low Oct 16
*SUP 3: 119.12 Low Oct 15
*SUP 4: 118.73 Low Oct 11
Despite this mornings pullback, EURJPY remains bullish. The cross recently
confirmed a break of 120.01, Sep 13 high. This reinforced the significance of
the channel breakout on Oct 10 and confirmed a reversal. With further upside
anticipated, attention is on the 200-dma at 122.27 and 122.36, Jul 1 high. Note,
the cross is trading at the top of a bull channel drawn off Sep 4 low. This
technical resistance may force a correction first. Support is at 120.01.
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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.