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Remains Under Pressure

EURO-YEN TECHS
  • RES 4: 126.46 High Sep 10
  • RES 3: 125.77 High Sep 15
  • RES 2: 124.43 Low Sep 9 and recent breakout level
  • RES 1: 123.94 High Sep 21
  • PRICE: 122.60 @ 10:53 BST Sep 24
  • SUP 1: 122.52/28 Low Sep 21 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 2: 121.75 2.0% 10-dma envelope
  • SUP 3: 121.82 Low Jul 15 and 16
  • SUP 4: 121.47 Low Jul 14

EURJPY is consolidating and remains bearish. The cross traded lower Monday to extend last week's sell-off. Recent weakness has seen the price clear a key support at 124.43, Sep 9 low and has traded through the 50-day EMA. The continued erosion of this average reinforces the current bearish threat with the focus on 122.28 next, 61.8% of the Jun 22 - Sep 1 rally. Initial key resistance is at 124.43.

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