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EURO-YEN TECHS: Recovers 124 After Decent Bounce
The cross hit lows of 123.36 in early Asia-Pac trade with risk-off sentiment
pressuring the pair. EUR/JPY managed to stage a decent recovery, however, moving
back above the 124 handle as tensions eased throughout the US session. While off
its lows the bearish picture remains intact and a close below 124 would cement
the downside break. Below here would open a return the focus to the 50%
retracement of the 2016 lows to the 2018 highs & March lows at 123.72/66. On the
topside bulls look to close above 124 to bring the focus back to the 125.30-60
zone which holds the 100-dma, 50% retracement of the Apr fall & previous series
of highs.