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

EURO-YEN TECHS: Looking For A 120.01 Break
*RES 4: 122.18 Channel top drawn off Sep 3 low
*RES 3: 121.95 200-DMA
*RES 2: 121.48 High Oct 21
*RES 1: 121.11 High Nov 7
*PRICE: 119.96 @ 10:35 GMT Nov 13
*SUP 1: 119.87 Intraday low
*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 maintains a softer tone and has probed former support at 120.01, High Sep
3 and the former breakout level. This reinforces the likelihood the cross will
trade lower near-term following the recent failure to clear resistance at
121.48, Oct 21 high. Furthermore, it appears vulnerable within its bull channel
drawn off the Sep 3 low. The cross stalled at the channel top mid-Oct. Scope is
seen for 119.12. Resistance is at 121.11.

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