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EURO-YEN TECHS: Bull Channel Remains Intact
*RES 4: 122.65 High Dec 13 and bull trigger
*RES 3: 122.50 High Dec 27
*RES 2: 122.02 High Jan 2
*RES 1: 121.45 High Jan 7 and key intraday resistance
*PRICE: 121.27 @ 17:09 GMT Jan 8
*SUP 1: 120.46/17 Bull channel base drawn off the Sep 3 low / Low Dec 3
*SUP 2: 119.99 Low Dec 9
*SUP 3: 119.58 Low Nov 25
*SUP 4: 119.25 Low Nov 14
EURJPY has been choppy today trading to a low of 120.17 before rebounding. Key
channel support continues to hold, despite a test below it earlier today. The
channel is drawn off the Sep 3 low and intersects at 120.46. Although gains off
the intraday lows are encouraging for bulls, a break of the 121.45, Jan 7 high
is required to reestablish a stronger bullish tone. Bulls now have a clear risk
parameter at Friday's low of 120.17. A breach would confirm a channel breakout.