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EURO-YEN TECHS: Key Support Holds For Now
*RES 3: 122.15 200-DMA
*RES 2: 121.68/72 50% of Mar 4 - Sep 3 decline / Channel top drawn off Sep 4 low
*RES 1: 121.48 High Oct 21
*PRICE: 120.55 @ 16:09 GMT Oct 31
*SUP 1: 120.35 Low Oct 31 and key short-term support
*SUP 2: 120.01 High Sep 13 and former breakout level
*SUP 3: 119.75 Low Oct 16
EURJPY traded under pressure for much of the Thursday session, increasing the
focus on key support at the 120.35 mark that held. A break and close below here
will open the 120.00 handle and levels not seen since mid-September. For bulls
to regain any control, a break of the Oct 21 high at 121.48 is needed to confirm
a resumption of the uptrend in place since Sep 3 and expose the 200-DMA.
Clearance of the MA and a close above it would open 123.36, Jul 1 high. The
cross still remains below it channel resistance drawn off Sep 3 low.