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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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EURO-YEN TECHS: Under Pressure Ahead Of Key Support
*RES 4: 118.04 50-day EMA
*RES 3: 117.78 High Apr 30 and bull trigger
*RES 2: 117.31 High May 4
*RES 1: 116.57 Intraday high
*PRICE: 115.51 @ 16:45 BST May 5
*SUP 1: 115.45/46 Low Apr 29/May 05 and key support
*SUP 2: 115.37 0.765 projection of Mar 25 - Apr 2 decline from Apr 7 high
*SUP 3: 115.00 Round number support
*SUP 4: 114.85 Low Apr 17, 2017
EURJPY is extending this week's sell-off as the Euro goes offered. The cross has
cleared an important intraday retracement level at 116.34, 61.8% of the Apr 29 -
30 rally. Furthermore, the move below 116.00 is important in that it essentially
negates that sharp rally on Apr 30. The key support coming up is at 115.45, Apr
29 low. A break would confirm a resumption of the broader downtrend and open
115.37, a Fibonacci projection and 115.00. Resistance is at 116.57.

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