Underlying Heavy Tone The............>

EURO-YEN TECHS: Underlying Heavy Tone

The risk-averse theme dominated price action through Europe. EURJPY touched

extended pullback lows of 121.17 and continues to generate a clean sweep of

bearish momentum, according to the MNI FX Technical Signal Monitor. Next support

is seen on approach to 121.00, a break here is likely to accelerate the move

toward the 3% lower Bollinger band at 120.90. Bulls need to recover the 122.00

level on a closing basis to stabilise the outlook. Above here opens triangle top

resistance at 122.67, ahead of Monday's high at 122.81.