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EURO-YEN TECHS: Outlook bearish:
*RES 4: 120.05 Low Jul 25
*RES 3: 119.75/88 38.2% retracement of Jul-Aug fall / High Aug 06
*RES 2: 118.68/119.16 200-hma / High Aug 8
*RES 1: 118.41/45 High Aug 12 / 100-hma
*PRICE: 117.80 @ 08:46 GMT Aug 13
*SUP 1: 117.52 Low Aug 12 & ytd low
*SUP 2: 117.00 Psychological support
*SUP 3: 116.47 Low Apr 21 2017
*SUP 4: 116.39 Lower 2.0% 10-dma envelope
Last week's rejection ahead of the 120.00 level has seen EURJPY extend the
pullback to fresh cycle lows of 117.52. Technical indicators remain bearish with
the focus on psychological support at 117.00. A break would open up scope for an
extension of the trend towards the Apr 21 2017 low & lower 2.0% 10-dma envelope
at 116.47/39. Bulls need a convincing break of 120.00 to signal a short-term
base. For now, the outlook remains bearish.