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Holding Onto This Weeks Gains *RES...>

EURO-YEN TECHS
EURO-YEN TECHS: Holding Onto This Weeks Gains
*RES 4: 122.37 High Jan 21 and key near-term resistance
*RES 3: 122.01 High Jan 22
*RES 2: 121.52 Former channel base drawn off the Sep 3 low
*RES 1: 121.15 High May 5
*PRICE: 120.67 @ 16:49 GMT Feb 6
*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 is holding onto this week's gains. The focus is on resistance at 121.47
marking the former bull channel base drawn off the Sep 3 low and 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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