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EURO-YEN TECHS: Bear Flag
*RES 3: 122.01 High Jan 22
*RES 2: 121.32 Former channel base drawn off the Sep 3 low
*RES 1: 120.42 High Jan 29
*PRICE: 120.25 @ 17:05 GMT Jan 31
*SUP 1: 119.78 Low Jan 30
*SUP 2: 119.58 Low Nov 25
*SUP 3: 119.25 Low Nov 14 and key support
EURJPY edged lower traded broadly unchanged Friday. The outlook remains bearish.
Last week's sell-off resulted in a breach of the key bull channel base at
121.01. The channel is drawn off the Sep 3 low. Furthermore, this week's
consolidation appears to be developing into a bear flag formation that suggests
an eventual break lower. Continued weakness would open 119.58 and 119.25. The
latter is the Nov 14 low and a key support. 121.32 is firm resistance, the
former channel base.