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Selling Pressure Dominating

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 Intraday high
  • PRICE: 122.64 @ 10:47 BST Sep 21
  • SUP 1: 122.42 2.0% 10-dma envelope
  • SUP 2: 122.28 61.8% retracement of the Jun 22 - Sep 1 rally
  • SUP 3: 121.82 Low Jul 15 and 16
  • SUP 4: 121.47 Low Jul 14

EURJPY is under pressure as the cross extends last week's selling pressure. Price last week cleared key support at 124.43, Sep 9 low and traded through the 50-day EMA. The continued erosion of this average reinforces the current bearish threat with the focus on 122.28 next, the 61.8% retracement of the Jun 22 - Sep 1 rally. Initial key resistance is seen at 124.43, the recent break out level.

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