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Trading Just Ahead Of Support

EURO-YEN TECHS
  • RES 4: 125.77 High Sep 15
  • RES 3: 125.09/28 High Oct 9 / 61.8% of the Sep 1 - 28 sell-off
  • RES 2: 124.48 High Oct 13
  • RES 1: 123.94 High Oct 14
  • PRICE: 123.22 @ 10:40 BST Oct 16
  • SUP 1: 123.03/02 Low Sep 29 and Oct 2 / Low Oct 15
  • 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 and 16

EURJPY maintains a softer tone having traded lower again yesterday. While recent weakness is considered a correction, attention turns to support at 123.03, Oct 6 low. This level was probed briefly Thursday. A clear breach of 123.03 would highlight scope for a deeper pullback and open the key support at 122.38, Sep 28 low and the bear trigger. On the upside, key resistance is at 125.09, Oct 9 high. Initial resistance is at 123.94.

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