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Outlook bearish: *RES 4: 120.52......>

EURO-YEN TECHS: Outlook bearish:
*RES 4: 120.52 50% retracement of Jun-Aug fall
*RES 3: 120.21 Low Jul 24
*RES 2: 120.05 Low Jul 25
*RES 1: 119.88/92 High Aug 06/200-hma
*PRICE: 118.85 @ 09:16 GMT Aug 07
*SUP 1: 118.38 Lower Bollinger Band (2%)
*SUP 2: 117.68 YTD low
*SUP 3: 117.30 Lower Bollinger Band (3%)
*SUP 4: 117.00 Psychological support
EURJPY rejected a break of the 120.00 level yesterday with the retracement
extending back through 119.00. Momentum and technical indicators remain bearish
and this keeps the longer-term downtrend intact. A break of the ytd low at
117.68, returns the focus to round number support at 117.00. Bulls need a
convincing break of 120.00, before challenging the 50% retracement of the
Jun-Aug fall at 120.52.

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