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Momentum Builds EURJPY touched.......>

EURO-YEN TECHS
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.

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