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Pullback Remains A Correction *RES...>

EURO-YEN TECHS
EURO-YEN TECHS: Pullback Remains A Correction
*RES 4: 123.36 High Jul 1
*RES 3: 122.20 200-DMA
*RES 2: 121.68 50% retracement of Mar 4 - Sep 3 decline
*RES 1: 121.48/57 High Oct 21 / Bull channel top drawn off Sep 4 low
*PRICE: 120.60 @ 10:07 GMT Oct 28
*SUP 1: 120.01 High Sep 13 and former breakout level
*SUP 2: 119.75 Low Oct 16
*SUP 3: 119.12 Low Oct 15
*SUP 4: 118.73 Low Oct 11
EURJPY closed Friday at the bottom end of the weeks range with the correction
thus far proving to be shallow. The underlying outlook is bullish. This was
confirmed recently on the break of 120.01, Sep 13 high. Note that for the
near-term, the uptrend did recently stall at the top of a bull channel drawn off
Sep 4 low. This may result in a deeper correction and levels below 120.00. On
the upside, the trigger for a resumption of gains is at 121.48.

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