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EURO-YEN TECHS: Whipped Around
*RES 3: 122.24 200-DMA
*RES 2: 121.68 50% retracement of Mar 4 - Sep 3 decline
*RES 1: 121.47/48 Bull channel top drawn off Sep 4 low / High Oct 21
*PRICE: 120.54 @ 16:22 GMT Oct 24
*SUP 1: 120.01 High Sep 13 and former breakout level
*SUP 2: 119.75 Low Oct 16
*SUP 3: 119.12 Low Oct 15
EURJPY traded in a relatively volatile manner throughout the Thursday session.
The underlying outlook remains bullish, confirmed recently on the break of
120.01, Sep 13 high. This reinforced the bullish significance of the channel
breakout on Oct 10. Note that for the near-term, the cross is pulling away from
the top of a bull channel drawn off Sep 4 low. This may result in levels below
120.00 as part of a deeper correction. On the upside, the trigger for a
resumption of gains is at 121.48.