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EURO-YEN TECHS: Underlying Heavy Tone
The risk-averse theme dominated price action through Europe. EURJPY touched
extended pullback lows of 121.17 and continues to generate a clean sweep of
bearish momentum, according to the MNI FX Technical Signal Monitor. Next support
is seen on approach to 121.00, a break here is likely to accelerate the move
toward the 3% lower Bollinger band at 120.90. Bulls need to recover the 122.00
level on a closing basis to stabilise the outlook. Above here opens triangle top
resistance at 122.67, ahead of Monday's high at 122.81.