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EURO-YEN TECHS: Bull Channel Support Holding
*RES 3: 122.50 High Dec 27
*RES 2: 122.02 High Jan 2
*RES 1: 121.38 High Jan 3
*PRICE: 121.20 @ 10:39 GMT Jan 6
*SUP 1: 120.36/17 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
EURJPY traded with a firmer tone Monday after rebounding off 120.28. The gains
thus far highlight the fact that the key channel base has so far managed to
hold. The channel base intersects at 120.36 and has been tested on both of the
past two sessions. Although Monday's gains are encouraging for bulls, a break of
the 122.02, Jan 2 high is needed to more convincingly reestablish a bullish
tone. On the downside, bulls nevertheless have a clear risk parameter at
Friday's low of 120.17 against which to gauge short-term directional pressure. A
break of 120.17 would confirm a bearish channel breakout.