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Free AccessPressuring Bull Channel Support......>
EURO-YEN TECHS: Pressuring Bull Channel Support
*RES 3: 122.50 High Dec 27
*RES 2: 122.02 High Jan 2
*RES 1: 121.38 Intraday high
*PRICE: 120.60 @ 16:19 GMT Jan 3
*SUP 1: 120.17/31 Intraday low / Bull channel base drawn off the Sep 3 low
*SUP 2: 119.99 Low Dec 9
*SUP 3: 119.58 Low Nov 25
EURJPY traded under pressure throughout the Friday session as the cross extends
the recent sell-off. Attention is on to the key bull channel support that
intersects at 120.31 and the cross has traded below there now. The channel is
drawn off the Sep 3 low. A clear break would strengthen the bearish case and
signal scope for a deeper pullback, opening 119.99 and 119.25, the Dec 9 and Nov
14 highs respectively. Price action needs to return above 122.02 to relieve the
downward pressure.
To read the full story
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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.