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EURO-YEN TECHS: Bearish Pressure Remains In Place
*RES 4: 121.90 200-DMA
*RES 3: 121.48 High Oct 21 and bull trigger
*RES 2: 121.11 High Nov 7
*RES 1: 120.64 High Nov 12
*PRICE: 119.70 @ 05:55 GMT Nov 15
*SUP 1: 119.12 Low Oct 15
*SUP 2: 118.76 61.8% retracement of Oct 3 - Oct 21 rally
*SUP 3: 118.54 Bear channel base drawn off the Sep 3 low
*SUP 4: 118.12 76.4% retracement of Oct 3 - Oct 21 rally
EURJPY continued to weaken Thursday. The cross is weaker following the failure
recently to hold above former support at 120.01, Sep 13 high. This has
reinforced the likelihood EURJPY will remain weaker for now as it pulls back
within its bull channel, drawn off the Sep 3 low of 115.87. Potential is seen
for a move towards 119.12, Oct 15 low. Note the channel base lies at 118.54.
Resistance is at 120.64, Tuesday's high.