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U turn: *RES 3: 119.88 High Aug 6....>

EURO-YEN TECHS
EURO-YEN TECHS: U turn:
*RES 3: 119.88 High Aug 6
*RES 2: 119.41/59 50-DMA / High Aug 13
*RES 1: 119.29 High Aug 14
*PRICE: 118.54 @ 15:50 GMT Sep 11
*SUP 1: 118.27 Low Sep 11
*SUP 2: 117.73 Low Sep 9
*SUP 3: 117.28 Low Sep 5
We highlighted earlier today the EURJPY climb looked impulsive, managing to top
out at 119.17. This move reversed throughout the session as broad-based EUR
weakness was the theme. This returns focus to recent lows at 117.73 and 117.28
as key support. To the upside, however, momentum studies are firm and recent
gains highlight a bullish turn in shorter-term moving average studies. Focus is
on 119.59 and 119.88, Aug 13 and Aug 6 highs respectively ahead of the bear
channel top at 119.98. This is drawn off the Apr 17 high and represents a key
resistance level.

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