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Through Key Near-Term Support

EURO-YEN TECHS
  • RES 4: 125.28 61.8% of the Sep 1 - 28 sell-off
  • RES 3: 125.00/09 High Oct 20 and Oct 9
  • RES 2: 124.23 High Oct 23 and 26
  • RES 1: 123.98 20-day EMA
  • PRICE: 122.83 @ 06:20 GMT Oct 28
  • SUP 1: 122.74 Intraday low
  • SUP 2: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 3: 122.25 38.2% retracement of the May - Sep rally
  • SUP 4: 121.82 Low Jul 15 / 16

EURJPY has cleared support at 123.03/02, low prints between Sep 29 and Oct 15. The break of this support undermines the recent bullish outlook and instead signals scope for a deeper sell-off towards 122.38, Sep 28 low and the bear trigger. The recent failure at 125.09 and 125.00, Oct 9 and 20 highs respectively, weigh on the pair. To strengthen a bullish argument, price needs to clear key resistance at 124.23, Oct 23 / 26 high.

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