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EURO-YEN TECHS: Uptrend cracks:
*RES 3: 120.71 High Aug 1
*RES 2: 120.01 High Sep 13 and the bull trigger
*RES 1: 119.45 Channel resistance drawn off Apr 17 high
*PRICE: 118.05 @ 08:30 GMT Sep 23
*SUP 1: 117.93 Intraday Low
*SUP 2: 117.56 Low Sep 12 and key near-term support
*SUP 3: 117.28 Low Sep 5
EURJPY reversed lower early Monday on poor Eurozone PMI numbers, cracking the
September uptrend in the cross. Having not managed to clear bear channel
resistance, that today intersects at 119.45, this lessens the chances of a leg
higher anytime soon. For bulls to repair the outlook, the focus is on the high
of Sep 13 at 120.01, the bull trigger. A break would represent a key technical
development, clearing the channel top and confirm a trend reversal. The key
near-term support lies at 117.56, Sep 12 low.