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Focus Is On Former Bull Channel......>

EURO-YEN TECHS
EURO-YEN TECHS: Focus Is On Former Bull Channel Base
*RES 4: 122.37 High Jan 21 and key near-term resistance
*RES 3: 122.01 High Jan 22
*RES 2: 121.47 Former channel base drawn off the Sep 3 low
*RES 1: 121.15 Intraday high
*PRICE: 120.68 @ 16:34 GMT Feb 5
*SUP 1: 119.78 Low Jan 30 and intraday bear trigger
*SUP 2: 119.58 Low Nov 25
*SUP 3: 119.25 Low Nov 14 and key support
*SUP 4: 118.73 Low Oct 11
EURJPY traded higher Tuesday and into a second session Wednesday. The focus
shifts to resistance at 121.47 that marks the former bull channel base drawn off
the Sep 3 low, breached on Jan 24. The break of this channel highlights a
bearish theme however, if price is able to trade back above the line this would
signal a sentiment shift back to bullish. A move lower and more importantly a
break of 119.78, Jan 30 low, would confirm a resumption of bearish activity.

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