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Pressuring Bull Channel Support......>

EURO-YEN TECHS
EURO-YEN TECHS: Pressuring Bull Channel Support
*RES 4: 122.65 High Dec 13 and bull trigger
*RES 3: 122.50 High Dec 27
*RES 2: 122.02 High Jan 2
*RES 1: 121.38 High Jan 3
*PRICE: 120.61 @ 06:02 GMT Jan 6
*SUP 1: 120.36/17 Bull channel base drawn off the Sep 3 low / Low Dec 3
*SUP 2: 119.99 Low Dec 9
*SUP 3: 119.58 Low Nov 25
*SUP 4: 119.25 Low Nov 14
EURJPY traded down sharply late last week. Attention is on the key bull channel
support drawn off the Sep low that intersects at 120.36. The cross has probed
the base today and did so too on Friday. Thus far the channel support is
holding. A clear break would strengthen a bearish case and signal scope for a
pullback towards 119.99 and 119.25, the Dec 9 and Nov 14 lows respectively.
Price needs to return above 122.02 to relieve the downward pressure.

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