Bounce needs to hold: *RES 3:........>

EURO-YEN TECHS: Bounce needs to hold:

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

*RES 2: 119.19 Channel resistance drawn off Apr 17 high

*RES 1: 118.56 High Sep 24

*PRICE: 118.23 @ 16:00 GMT Sep 27

*SUP 1: 117.45 Intraday low and 61.8% Sep3 - Sep13 rally

*SUP 2: 117.28 Low Sep 5

*SUP 3: 116.85 76.4% retracement Sep3 - Sep13 rally

EURJPY remained softer on the week into the Friday close, but staged a modest

bounce to recover from the 117.45 lows. A failure recently to clear bear channel

resistance drawn off the Apr 17 high continues to weigh on sentiment. 117.56

support, Sep 12 low has been breached and this signals the potential for a

deeper move lower towards the Sep 3 low of 115.87, the next key support. On the

upside, a break of channel resistance at 119.19 and of resistance at 120.01 is

still the requirement for a reversal.