Channel Base Cleared *RES 4:.........>

EURO-YEN TECHS: Channel Base Cleared

*RES 4: 122.87 High Jan 16 and near-term bull trigger

*RES 3: 122.37 High Jan 21 and key near-term resistance

*RES 2: 122.01 High Jan 22

*RES 1: 121.11 Former channel base drawn off the Sep 3 low

*PRICE: 120.29 @ 06:06 GMT Jan 27

*SUP 1: 119.94 Intraday low

*SUP 2: 119.58 Low Nov 25

*SUP 3: 119.25 Low Nov 14 and key support

*SUP 4: 118.73 Low Oct 11

Last week's sell-off in EURJPY resulted in a breach of the key bull channel base

at 121.01. The channel is drawn off the Sep 3 low. The clear break of the

channel base reinforces a bearish theme that dominates for now. Furthermore,

price has also overnight traded below the early Jan low of 120.17 reinforcing

current bearish conditions. Continued weakness would open 119.58 and 119.25. The

latter is the Nov 14 low and a key support handle. 121.11 marks resistance.