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Stalls at channel top: *RES 4:.......>
EURO-YEN TECHS: Stalls at channel top:
*RES 4: 121.38 High Jul 25 and Jul 30
*RES 3: 120.87 100-dma
*RES 2: 120.71 High Aug 1
*RES 1: 119.71/120.01 Bear channel resistance / High Sep 13
*PRICE: 119.16 @ 04:48 GMT Sep 17
*SUP 1: 118.69 Low Sep 16
*SUP 2: 117.56 Low Sep 12 and key near-term support
*SUP 3: 117.28 Low Sep 5
*SUP 4: 116.13 Low Sep 4
EURJPY failed Friday to breach key bear channel resistance at 119.84, drawn off
the Apr 17 high. To confirm the next leg higher and a resumption of the bull
trend, a clear channel breakout is required. The focus is on Friday's 120.01
high, the short-term bull trigger. On the downside, prices have retreated below
the 119.21 50-dma. Key support though lies at Thursday 117.56 low. A continued
move lower and away from the channel top would concern bulls.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.