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S/T Gains Considered Corrective......>

EURO-YEN TECHS
EURO-YEN TECHS: S/T Gains Considered Corrective
*RES 4: 117.78 High Apr 30 and bull trigger
*RES 3: 117.31 High May 4
*RES 2: 116.54 20-day EMA
*RES 1: 115.75 High May 6
*PRICE: 115.39 @ 06:03 BST May 8
*SUP 1: 114.43 Low May 6 and bear trigger
*SUP 2: 113.87 1382 projection of the Feb 20 - Mar 9 decline from Mar 25
*SUP 3: 113.73 Low Nov 9, 2016
*SUP 4: 113.24 1.500 projection of the Feb 20 - Mar 9 decline from Mar 25
EURJPY has managed to find support at 114.43, May 6 low and traded higher
overnight in Asia. Despite these gains, the broader outlook remains bearish. The
cross has this week traded at levels last seen in Nov 2016 and also cleared an
important support at 115.45, Apr 29 low to confirm a resumption of the primary
downtrend. Scope is seen for weakness towards 113.87, a Fibonacci projection
next. Next resistance is at 115.75, May 6 high.

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