Pulls Away From Recent Highs *RES....>

EURO-YEN TECHS: Pulls Away From Recent Highs

*RES 4: 123.36 High Jul 1

*RES 3: 122.13 200-DMA

*RES 2: 121.68/81 50% of Mar 4 - Sep 3 decline / Channel top drawn off Sep 3 low

*RES 1: 121.48 High Oct 21

*PRICE: 120.41 @ 10:16 GMT Nov 1

*SUP 1: 120.29 Low Oct 31

*SUP 2: 120.01 High Sep 13 and former breakout level

*SUP 3: 119.75 Low Oct 16

*SUP 4: 119.12 Low Oct 15

EURJPY traded sharply lower yesterday, and did trade below key support at the

120.36 mark, Oct 25 low. The failure to clear resistance and the recent trend

high of 121.48, suggest the cross is likely to retrace further within its bull

channel drawn off Sep 3 low. The cross stalled at the channel top mid-Oct. This

has exposed the 120.00 handle where a break would open 119.12. A move above the

Oct 21 high at 121.48 is needed to instead resume the uptrend.