Bearish Cycle Intact: *RES 3:........>

EURO-YEN TECHS: Bearish Cycle Intact:

*RES 3: 120.01 High Sep 13 and the bull trigger

*RES 2: 118.87 Channel resistance drawn off Apr 17 high

*RES 1: 118.47 High Sep 27

*PRICE: 117.32 @ 15:37 GMT Oct 4

*SUP 1: 117.08 Low Oct 3

*SUP 2: 116.85 76.4% retracement Sep3 - Sep13 rally

*SUP 3: 116.13 Low Sep 4

EURJPY continues to trade within the downtrend, this keeps the focus on the

downside. The cross has traded through support at 117.45, Sep 27 low and 61.8%

of Sep 3 - Sep 13 rally. This reinforces the current bearish cycle with

attention turning to the 116.85, 76.4% retracement. On the upside, initial

resistance is located at 118.47, Sep 27 high. A break of the channel top at

118.87 and of resistance at 120.01 is still required if we are to see a trend

reversal.