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Under Light Pressure, Local Confidence Surveys Slated


(Z2) Holding Recent Gains


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EURO-YEN TECHS: Swing Target At Y127.90 Protecting Downside At Present
*RES 4: Y130.05 Hourly recovery high May 23
*RES 3: Y129.54 2 year bull channel base, now resistance
*RES 2: Y129.23 May 8 low, now resistance
*RES 1: Y128.80 Hourly resistance
*PRICE: Y128.60 @0822GMT
*SUP 1: Y127.90/97 1.618 swing Y129.23-Y131.38, intraday low
*SUP 2: Y127.56/62 Aug 18 low, 2% volatility band
*SUP 3: Y127.12 Equality fall from Y131.38 to Y133.49-Y129.23
*SUP 4: Y126.18 50% Fibo of Y114.85-Y137.51
*COMMENTARY* Unable to move through Y131.36-Y131.38 resistance on Tuesday and
has subsequently paid the price. The resultant fall has lost support from the 2
year bull channel base at Y129.54 and also the key Y129.23-Y128.85 area. A low
of Y127.97 so far, as we head into near term oversold territory. In this regard,
look to Y128.80-Y129.23 for initial resistance, that Y129.54 above. Below
Y127.90 and next targets are set between Y127.56 and Y127.12.

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