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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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EURO-YEN TECHS: Sharp Rebound Warns Of A Reversal
*RES 4: 118.82 High Apr 13
*RES 3: 118.14 50-day EMA
*RES 2: 117.94High Apr 16
*RES 1: 117.78 High Apr 30
*PRICE: 117.49 @ 16:39 BST May 1
*SUP 1: 116.34 61.8% retracement of the Apr 29 - 30 rally
*SUP 2: 115.45 Low Apr 29
*SUP 3: 115.37 0.765 projection of Mar 25 - Apr 2 decline from Apr 7 high
*SUP 4: 115.00 Round number support
A sharp rally in EURJPY Thursday saw the cross trade to a high of 117.78. This
rally has for now reversed the recent bearish pressure and unless a sharp
reversal lower is seen soon, the cross is likely to edge higher. The bull
trigger is at 117.78, a break would pave the way for strength towards 117.94,
Apr 14 high and the 50-day EMA at 118.14. A key support has been defined at
Wednesday's 115.45 low. Initial firm intraday support lies at 116.34.

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