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Free AccessMomentum Builds EURJPY touched.......>
EURO-YEN TECHS: Momentum Builds
EURJPY touched lows of 120.78 yesterday, before extending the recovery back
above broken triangle base support-turned-resistance. Confirmation of the
falling wedge chart pattern and subsequent bullish reversal in EURUSD further
underpinned through Europe to 121.73. Bulls now need to clear downtrend
resistance from the May 15 high and 122 level to open the May 30 high & 21-dma
at 122.26/56. Bears need a close back under 121.00 and yesterday's low to extend
the downtrend towards long-term trendline support at 120.45. Further support is
located at 120.24 from the 61.8% retracement, ahead of a run at the
psychological 120 level.
To read the full story
Sign up now for free trial access to this content.
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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.