Still Eyeing The Downside: *RES 4:...>

EURO-YEN TECHS: Still Eyeing The Downside:

*RES 4: 120.01 High Sep 13 and the bull trigger

*RES 3: 118.67 Channel resistance drawn off Apr 17 high

*RES 2: 118.47 High Sep 27

*RES 1: 118.00 High Oct 2

*PRICE: 117.46 @ 04:45 GMT Oct 9

*SUP 1: 117.08 Low Oct 3 and Oct 7

*SUP 2: 116.85 76.4% retracement Sep 3 - Sep 13 rally

*SUP 3: 116.13 Low Sep 4

*SUP 4: 115.87 Low Sep 3 and M/T bear trigger

Hopes of a bullish correction in EURJPY faded Tuesday as the cross resumed its

downtrend and headed back toward the recent lows. This affirms the vulnerability

of the pair and initially targets the 117.08 bear trigger and 116.85, 76.4%

retracement. A break through this zone would expose the key 115.87 bear trigger,

the Sep 3 low. A breach of the channel top at 118.67 and of resistance at 120.01

is still the requirement for a trend reversal confirmation.