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Channel Top Halts Rally For Now......>

EURO-YEN TECHS
EURO-YEN TECHS: Channel Top Halts Rally For Now
*RES 4: 123.36 High Jul 1
*RES 3: 122.26 200-DMA
*RES 2: 121.68 50% retracement of Mar 4 - Sep 3 decline
*RES 1: 121.42/48 Bull channel top drawn off Sep 4 low / High Oct 21
*PRICE: 120.47 @ 09:32 GMT Oct 23
*SUP 1: 120.01 High Sep 13 and former breakout level
*SUP 2: 119.75 Low Oct 16
*SUP 3: 119.12 Low Oct 15
*SUP 4: 118.73 Low Oct 11
EURJPY remains bullish however for now the cross is correcting lower. Bullish
trend conditions were confirmed recently on the break of 120.01, Sep 13 high.
This reinforced the significance of the channel breakout on Oct 10 and confirmed
a reversal. Note that for the near-term though, the cross is pulling away from
the top of a bull channel drawn off Sep 4 low. This may result in levels below
120.00 as part of a correction. The upside trigger is 121.48.

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