Bearish Theme Still Dominates *RES...>

EURO-YEN TECHS: Bearish Theme Still Dominates

*RES 4: 122.37 High Jan 21 and key near-term resistance

*RES 3: 122.01 High Jan 22

*RES 2: 121.42 Former channel base drawn off the Sep 3 low

*RES 1: 120.45 High Feb 3

*PRICE: 120.35 @ 05:49 GMT Feb 4

*SUP 1: 119.78 Low Jan 30 and intraday bear trigger

*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 is unchanged, still consolidating but remains bearish. The recent breach

of the key bull channel base is likely to still weigh on the cross. The channel

is drawn off the Sep 3 low. Furthermore, the current consolidation appears to be

developing into a bear flag formation suggesting an eventual break lower.

Continued weakness would open 119.58 and 119.25. The latter is the Nov 14 low

and a key support. 121.42 is firm resistance, the former channel base.