Shallow Correction Thus Far *RES.....>

EURO-YEN TECHS: Shallow Correction Thus Far

*RES 4: 123.36 High Jul 1

*RES 3: 122.22 200-DMA

*RES 2: 121.68 50% retracement of Mar 4 - Sep 3 decline

*RES 1: 121.48/52 High Oct 21 / Bull channel top drawn off Sep 4 low

*PRICE: 120.46 @ 15:51 GMT Oct 25

*SUP 1: 120.01 High Sep 13 and former breakout level

*SUP 2: 119.75 Low Oct 16

*SUP 3: 119.12 Low Oct 15

*SUP 4: 118.73 Low Oct 11

EURJPY looks to close at the bottom end of the week's range, but the correction

remains somewhat shallow. The underlying outlook is bullish, confirmed recently

on the break of 120.01, Sep 13 high. Note that for the near-term, the uptrend

has recently stalled at the top of a bull channel drawn off Sep 4 low. This

development may result in a deeper correction and levels below 120.00. On the

upside, the trigger for a resumption of gains is at 121.48.