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Bearish Theme Dominates *RES 4:......>

EURO-YEN TECHS
EURO-YEN TECHS: Bearish Theme Dominates
*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: 120.20 @ 06:01 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, price has also this week traded below the
early Jan low of 120.17 strengthening bearish conditions. Continued weakness
would open 119.58 and 119.25. The latter is the Nov 14 low and a key support.
121.32 is resistance, the former channel base.

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