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Under Pressure Once Again *RES 4:....>

EURO-YEN TECHS
EURO-YEN TECHS: Under Pressure Once Again
*RES 4: 122.01 High Jan 22
*RES 3: 121.57 Former channel base drawn off the Sep 3 low
*RES 2: 121.15 High May 5
*RES 1: 121.02 High Feb 7
*PRICE: 120.25 @ 16:17 GMT Feb 7
*SUP 1: 119.78 Low Jan 30 and intraday bear trigger
*SUP 2: 119.58 Low Nov 25
*SUP 3: 119.25 Low Nov 14 and key support
*SUP 4: 118.73 Low Oct 11
EURJPY fell sharply Friday. The sell-off marks an end to the recent corrective
recovery and a bearish theme returns. The broader bearish outlook follows the
break on Jan 24 of its bull channel base and recent gains stalled ahead of the
former base-now-resistance at 121.57. The focus is on 119.78, the Jan 30 low. If
cleared this would confirm a resumption of the downtrend and open 119.58 and
119.25. Initial resistance is 120.82 ahead of 121.15.

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