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Bear Flag *RES 4: 122.37 High Jan....>

EURO-YEN TECHS
EURO-YEN TECHS: Bear Flag
*RES 4: 122.37 High Jan 21 and key near-term resistance
*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: 120.14 @ 10:41 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
*SUP 4: 118.73 Low Oct 11
EURJPY edged lower Thursday. 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.

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