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EURO-YEN TECHS: Pullback Continues, Testing 5 Month Rising Support Line
*RES 4: Y134.85 Hourly congestion Jan 9
*RES 3: Y134.56 Jan 10 high
*RES 2: Y134.20 Jan 10 hourly recovery highs
*RES 1: Y133.91/05 Initial intraday low, Jan 9 low
*PRICE: Y133.40 @1010GMT
*SUP 1: Y133.05/13 5 month s/line, 76.4% of Y132.05-Y136.64
*SUP 2: Y132.46 76.4% Fibo of Y131.17-Y136.64
*SUP 3: Y132.32 4 month bear channel base, 2% vol band
*SUP 4: Y132.05 Dec 15 low
*COMMENTARY* The fall from last Friday's Y136.64 high continues, losing support
from the lower 1% volatility band, which is at 133.68 today. This brings into
focus Y133.13-Y133.05 as the next potential downside target area. This a
combination of a further Fibo retrace level and the 5 month rising support line.
Lose here and then not much ahead of Y132.46-Y132.32. In the meantime, look to
Y133.91-Y134.05 for resistance but back above Y134.20 likely needed for respite.