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EURO-YEN TECHS: Still Volatile
*RES 4: 122.01 High Feb 22
*RES 3: 121.04 High Feb 27
*RES 2: 120.65 High Mar 16 and bull trigger
*RES 1: 119.69 High Mar 17
*PRICE: 118.93 @ 16:36 GMT Mar 20
*SUP 1: 116.89/90 Low Mar 13/18
*SUP 2: 116.13 Low Mar 9 / Sep 4 and bear trigger
*SUP 3: 115.87 Low Sep 3 and major support
*SUP 4: 115.32 1.382 projection of Jan 16 - Feb 18 move from Feb 20 high
EURJPY resumed its bearish theme early last week, breaking sharply lower as risk
aversion spiked. Last Tuesday though saw a sharp reversal as JPY came under
pressure and the cross reversed Monday's downleg. The cross was softer again
Thursday but rallied Friday. Near-term direction is still difficult to assess
with the cross extremely volatile. 120.65, Monday's high marks an initial bull
trigger. Key support and the bear trigger is at 116.13, Mar 9 low.