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Still Heavy *RES 4: 122.37 High......>

EURO-YEN TECHS
EURO-YEN TECHS: Still Heavy
*RES 4: 122.37 High Jan 21 and key near-term resistance
*RES 3: 122.01 High Jan 22
*RES 2: 121.16 Former channel base drawn off the Sep 3 low
*RES 1: 120.40 High Jan 27
*PRICE: 120.16 @ 16:49 GMT Jan 28
*SUP 1: 119.81 Intraday low
*SUP 2: 119.58 Low Nov 25
*SUP 3: 119.25 Low Nov 14 and key support
*SUP 4: 118.73 Low Oct 11
Last week's sell-off in EURJPY resulted in a breach of the key bull channel base
at 121.01 and this continues to weigh on the pair. The channel is drawn off the
Sep 3 low. Furthermore, price also yesterday traded below the early Jan low of
120.17 strengthening current bearish conditions. Continued weakness would open
119.58 and 119.25. The latter is the Nov 14 low and a key support handle. 121.16
marks resistance, the former channel base.

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