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Recovery off the Lows EURJPY hit.....>

EURO-YEN TECHS
EURO-YEN TECHS: Recovery off the Lows
EURJPY hit as low as 120.78 yesterday before euro gains helped the pair recover
the 121 level to stabilise the outlook. Bulls now need a break back above
downtrend resistance from the May 15 high and 122 to open the 21-dma at 122.56.
Above here would suggest a bullish reversal. Bears need a close back under
121.00 and yesterday's low to extend the downtrend towards long-term trendline
support at 120.45. Further support is located at 120.24 from the 61.8%
retracement, ahead of a run at the psychological 120 level.

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