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EURO-YEN TECHS: Still Bearish Within The Channel:
*RES 4: 120.38 100-dma
*RES 3: 120.01 High Sep 13 and the bull trigger
*RES 2: 119.13 Channel resistance drawn off Apr 17 high
*RES 1: 118.56 High Sep 24
*PRICE: 117.91 @ 15:49 GMT Sep 30
*SUP 1: 117.45 Low Sep 27 and 61.8% Sep3 - Sep13 rally
*SUP 2: 117.28 Low Sep 5
*SUP 3: 116.85 76.4% retracement Sep3 - Sep13 rally
*SUP 4: 116.13 Low Sep 4
EURJPY staged a modest bounce Friday to recover from the 117.45 lows. The
outlook remains bearish following the recent failure to clear bear channel
resistance drawn off the Apr 17 high. 117.56 support, Sep 12 low has been
breached signalling the potential for a deeper move lower towards the Sep 3 low
of 115.87, the next key support. On the upside, a break of channel resistance at
119.19 and of resistance at 120.01 is still the requirement for a reversal.
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