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EURO-YEN TECHS: Pennant Formation:
*RES 4: 120.33 100-dma
*RES 3: 120.01 High Sep 13 and the bull trigger
*RES 2: 119.00 Channel resistance drawn off Apr 17 high
*RES 1: 118.47 High Sep 27
*PRICE: 117.90 @ 04:55 GMT Oct 2
*SUP 1: 117.45 Low Sep 27 and 61.8% Sep3 - Sep13 rally
*SUP 2: 117.28 Low Sep 5
*SUP 3: 116.85 76.4% retracement Sep3 - Sep13 rally
*SUP 4: 116.13 Low Sep 4
EURJPY consolidates. The outlook is bearish following the recent failure to
clear bear channel resistance drawn off Apr 17 high. 117.56 support, Sep 12 low
has been breached exposing the downside for a move towards the Sep 3 low of
115.87, the next key support. Also, recent activity appears to be a pennant that
signals an eventual break lower is likely. A break of the channel top at 119.00
and of resistance at 120.01 is still the requirement for a reversal.