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Free AccessY131.37 Resistance Remains Key.......>
EURO-YEN TECHS: Y131.37 Resistance Remains Key
*RES 4: Y132.14 Daily Bear channel top off 2018 high
*RES 3: Y131.37 High May 14
*RES 2: Y131.25 55-DMA
*RES 1: Y131.12 21-DMA
*PRICE: Y131.49 @ 2130GMT
*SUP 1: Y130.22 Low May 17
*SUP 2: Y129.51 Low May 16
*SUP 3: Y129.16 200-WMA
*SUP 4: Y128.94 2018 Low Mar 23
*COMMENTARY: Bears take comfort in the failure around 21 & 55-DMAs last week.
Y131.37 remains key resistance this week with bulls needing a close above to
confirm breaks of 21 & 55-DMAs, easing bearish pressure, and above the 100-DMA
(Y132.49) to shift focus to Y133.48-134.10. While Y131.37 caps bears initially
focus on 2018 lows with a close below needed to target the daily bear channel
base around Y125.45 today.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.