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Unconvincing Bounce: *RES 4:.........>

EURO-YEN TECHS
EURO-YEN TECHS: Unconvincing Bounce:
*RES 4: 120.06 100-dma
*RES 3: 120.01 High Sep 13 and the bull trigger
*RES 2: 118.74 Channel resistance drawn off Apr 17 high
*RES 1: 118.47 High Sep 27
*PRICE: 117.59 @ 16:02 GMT Oct 7
*SUP 1: 117.08 Low Oct 3
*SUP 2: 116.85 76.4% retracement Sep3 - Sep13 rally
*SUP 3: 116.13 Low Sep 4
*SUP 4: 115.87 Low Sep 3 and M/T bear trigger
EURJPY extended the downside last week and continues to appear vulnerable. With
former support at 117.45, Sep 27 low and 61.8% of Sep 3 - Sep 13 rally cleared,
attention turns to 116.85, 76.4% retracement. A break here would expose the key
115.87 bear trigger. On the upside, initial resistance is located at 118.47, Sep
27 high. A break of the channel top at 118.74 and of resistance at 120.01
remains the requirement for a trend reversal.

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