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Pressuring Bull Channel Support......>

EURO-YEN TECHS
EURO-YEN TECHS: Pressuring Bull Channel Support
*RES 3: 122.50 High Dec 27
*RES 2: 122.02 High Jan 2
*RES 1: 121.38 Intraday high
*PRICE: 120.60 @ 16:19 GMT Jan 3
*SUP 1: 120.17/31 Intraday low / Bull channel base drawn off the Sep 3 low
*SUP 2: 119.99 Low Dec 9
*SUP 3: 119.58 Low Nov 25
EURJPY traded under pressure throughout the Friday session as the cross extends
the recent sell-off. Attention is on to the key bull channel support that
intersects at 120.31 and the cross has traded below there now. The channel is
drawn off the Sep 3 low. A clear break would strengthen the bearish case and
signal scope for a deeper pullback, opening 119.99 and 119.25, the Dec 9 and Nov
14 highs respectively. Price action needs to return above 122.02 to relieve the
downward pressure.

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