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Looking For A 120.01 Break *RES 4:...>

EURO-YEN TECHS
EURO-YEN TECHS: Looking For A 120.01 Break
*RES 4: 122.32 High Jul 10
*RES 3: 122.13 Channel top drawn off Sep 3 low
*RES 2: 121.97 200-DMA
*RES 1: 121.48 High Oct 21
*PRICE: 120.10 @ 18:19 GMT Nov 12
*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: 118.76 61.8% retracement of Oct 3 - Oct 21 rally
EURJPY traded softer Tuesday and maintains a near-term bearish outlook. The
failure to clear resistance recently at 121.48 suggests the cross remains
vulnerable to a retracement / correction lower within its bull channel drawn off
Sep 3 low. The cross stalled at the channel top mid-Oct. Weakness would expose
the 120.01 support where a break would open 119.12. Clearance of 121.48 is
needed to resume the uptrend.

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