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From : FX Daily Hotline: 30 September 2014
Chart of the day: Euro/Yen reaction slows

 

The September recovery rally by the Euro and Swiss Franc against the Japanese Yen became overbought in the second half of the month.  A correction has duly followed for both rates. 

The pullback now shows a loss of momentum.  In the case of the single European currency, there is potential support nearby from the sideways area around Y138.  Both the 50 and 200-day moving averages are located in the region and may also offer a lift. 

There is a lateral trading region close by for the Swissie/Yen rate too, along Y115 (see also hotline for 25 September).  Still, a more forceful up move would be required to confirm support for both pairings.

 






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