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Approaches Still Congested...........>

EURO-YEN TECHS
EURO-YEN TECHS: Approaches Still Congested Resistance Within The Y136's
*RES 4: Y136.82 4 month bull channel top projection
*RES 3: Y136.64 Jan 5 high
*RES 2: Y136.52 1% volatility band
*RES 1: Y136.10 Hourly resistance
*PRICE: Y135.76 @1050GMT
*SUP 1: Y135.30/40 Hourly support
*SUP 2: Y135.02 Intraday low
*SUP 3: Y134.35 Jan 11 high, now support
*SUP 4: Y134.16 Initial high Jan 12, now support
*COMMENTARY* Found support from the dual Y133.05-Y133.10 area last Thursday.
Mainly due to a bounce from the 5 month rising support line. The subsequent
rally back through Y134.20-Y134.56 began a correction of recent losses from the
Jan 5 high at Y136.64, today's rise through Y135.79 once again sees the topside
focus on still congested resistance from between Y136.10-Y136.82. Will need to
escape the latter before real confidence will grow. Support Y135.40-Y135.02.

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