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Free AccessStarts The Morning On A Softer.......>
EURO-YEN TECHS: Starts The Morning On A Softer Note
*RES 4: 123.36 High Jul 1
*RES 3: 122.18 200-DMA
*RES 2: 121.68 50% retracement of Mar 4 - Sep 3 decline
*RES 1: 121.48/62 High Oct 21 / Bull channel top drawn off Sep 4 low
*PRICE: 120.62 @ 09:54 GMT Oct 29
*SUP 1: 120.36 Low Oct 25
*SUP 2: 120.01 High Sep 13 and former breakout level
*SUP 3: 119.75 Low Oct 16
*SUP 4: 119.12 Low Oct 15
EURJPY has started the European session under pressure. Attention is on support
at 120.36 and while this level holds, the near-term outlook is bullish. This
follows the recent break of 120.01, that confirmed a bullish price sequence of
higher highs and higher lows. Note, the cross has recently stalled at the top of
a bull channel drawn off Sep 4 low. This may result in a deeper correction below
120.00. Watch support at 120.36 while the trigger for gains is 121.48.
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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.