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Wrestling with the channel top:......>

EURO-YEN TECHS
EURO-YEN TECHS: Wrestling with the channel top:
*RES 4: 121.38 High Jul 25 and Jul 30
*RES 3: 120.81 100-dma
*RES 2: 120.71 High Aug 1
*RES 1: 119.65/120.01 Bear channel resistance / High Sep 13
*PRICE: 119.74 @ 04:48 GMT Sep 18
*SUP 1: 118.69 Low Sep 16
*SUP 2: 117.56 Low Sep 12 and key near-term support
*SUP 3: 117.28 Low Sep 5
*SUP 4: 116.13 Low Sep 4
EURJPY recovered Tuesday to challenge the key bear channel resistance at 119.65,
drawn off the Apr 17 high. To confirm the next leg higher and a resumption of
this months up-trend, a clear channel breakout is required. The focus is on
Friday's 120.01 high, the short-term bull trigger. A break would represent a key
technical development, clearing the channel top and confirming a more convincing
trend reversal. Support for now has been defined at Monday's 118.69 low.

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