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EURO-YEN TECHS: Bounce Likely A Correction:
*RES 4: 120.01 High Sep 13 and the bull trigger
*RES 3: 118.74 Channel resistance drawn off Apr 17 high
*RES 2: 118.47 High Sep 27
*RES 1: 118.00 High Oct 2
*PRICE: 117.75 @ 08:39 GMT Oct 8
*SUP 1: 117.08 Low Oct 3 and Oct 7
*SUP 2: 116.85 76.4% retracement Sep3 - Sep13 rally
*SUP 3: 116.13 Low Sep 4
*SUP 4: 115.87 Low Sep 3 and M/T bear trigger
EURJPY is attempting to push higher having recently found support at 117.08.
Despite this recent move higher, the cross continues to appear vulnerable. With
former support at 117.45, Sep 27 low and 61.8% of Sep 3 - Sep 13 rally cleared,
attention is on 116.85, 76.4% retracement. A break here would expose the key
115.87 bear trigger. A breach of the channel top at 118.74 and of resistance at
120.01 is still the requirement for a trend reversal.