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Risk-off Caps Topside Gains EURJPY...>

EURO-YEN TECHS: Risk-off Caps Topside Gains
EURJPY challenged but failed to take out yesterday's low (123.11), before
settling around the 123.30/40 area. Despite this, recovery efforts have so far
held shallow and keeps the recent downtrend intact. Further support is located
on approach to the 123.00 level, ahead of the Jan 4 low at 122.59. Bulls need to
recover 124 on a closing basis before targeting Monday's high at 124.30. While a
topside break of 125.00 puts the focus back on the 125.30-60 zone which holds
the 50% retracement of the Apr fall & previous series of highs.

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