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Approaching Bull Channel Support.....>

EURO-YEN TECHS
EURO-YEN TECHS: Approaching Bull Channel Support
*RES 4: 122.65 High Dec 13 and bull trigger
*RES 3: 122.50 High Dec 27
*RES 2: 122.02 High Jan 2
*RES 1: 121.38 Intraday high
*PRICE: 120.70 @ 06:11 GMT Jan 3
*SUP 1: 120.31 Bull channel base drawn off the Sep 3 low
*SUP 2: 119.99 Low Dec 9
*SUP 3: 119.58 Low Nov 25
*SUP 4: 119.25 Low Nov 14
EURJPY is under pressure this morning as the cross extends the recent sell-off.
Attention turns to the key bull channel support that intersects at 120.31 today.
The channel is drawn off the Sep 3 low. A break of this level would strengthen a
bearish case and signal scope for a deeper pullback, opening 119.99 and 119.25,
the Dec 9 and Nov 14 highs respectively. Price action would need to return above
122.02 to relieve the current downward pressure.

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