Off Recent Highs *RES 4: 123.89......>

EURO-YEN TECHS: Off Recent Highs

*RES 4: 123.89 Bull channel top drawn off the Sep 3 low

*RES 3: 122.80 1.382 projection of Sep 3 - Sep 13 rally from Oct 3 low

*RES 2: 122.65 High Dec 13 and bull trigger

*RES 1: 122.50 High Dec 27

*PRICE: 121.78 @ 10:29 GMT Dec 31

*SUP 1: 121.57 Low Dec 27

*SUP 2: 121.06 Low Dec 25 and key near-term support

*SUP 3: 120.76 Low Dec 12

*SUP 4: 120.38 Low Dec 11

EURJPY is off recent highs. The cross though remains bullish. The recent

recovery off 121.06, Dec 25 low provided an early indication the corrective

pullback between Dec 13 and Dec 25 had run its course. If correct, this signals

potential for a retest of 122.65, Dec 13 high. Clearance of this level would

open 123.89, the top of the bull channel drawn off the Sep 3 low. A break of

121.06 is required to instead expose the channel base currently at 120.15.