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Pullback Likely A Correction *RES....>

EURO-YEN TECHS
EURO-YEN TECHS: Pullback Likely A Correction
*RES 4: 124.60 Bull channel top drawn off the Sep 3 low
*RES 3: 123.75 High May 21, 2019
*RES 2: 123.36 High Jul 1, 2019
*RES 1: 122.87 High Jan 16 and near-term bull trigger
*PRICE: 122.12 @ 10:32 GMT Jan 20
*SUP 1: 121.58 Low Jan 13
*SUP 2: 121.13 Low Jan 9
*SUP 3: 120.86 Bull channel base drawn off the Sep 3 low
*SUP 4: 120.17 Low Jan 3 and 8 and key support
EURJPY remains bullish despite the current selling pressure. A bullish outlook
follows the recent recovery off the key channel support that remains intact. The
channel is drawn off the Sep 3 low and intersects at 120.86. The recent rebound
off the base has resulted in a breach of former resistance at 122.65, the Dec 13
high. Continued gains above this level would open 123.36, Jul 1 high and
ultimately 124.60 the bull channel top. Support is at 121.58, Jan 13 low.

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