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Still Facing Congested Resistance....>

EURO-YEN TECHS
EURO-YEN TECHS: Still Facing Congested Resistance Within The Y136's
*RES 4: Y136.97 4 month bull channel top projection
*RES 3: Y136.79 1.618 swing of Y136.10-Y134.98
*RES 2: Y136.64 Jan 5 high
*RES 1: Y136.31/49 Jan 18 high, 1% volatility band
*PRICE: Y135.77 @1042GMT
*SUP 1: Y135.19 Jan 19 low
*SUP 2: Y134.98/02 Jan 16, Jan 15 lows
*SUP 3: Y134.58 Hourly low Jan 12
*SUP 4: Y134.35 Jan 11 high, now support
*COMMENTARY* Currently range trading above support from Y135.19-Y134.98. Need to
hold the latter, if a deeper corrective pullback is to be avoided. Within the
range, Friday's 136.05 high is the bar to a fresh attempt higher, which still
sees congested resistance from between Y136.31-Y136.97 as having the potential
to put a dampener on any recovery. Will need to escape the latter before real
belief in the topside will appear.

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