Y132.85 The Initial Bar To Further...>

EURO-YEN TECHS: Y132.85 The Initial Bar To Further Recovery Prospects

*RES 4: Y133.76/89 Dec 14, Dec 11 highs

*RES 3: Y133.35 Hourly congestive highs Dec 12-14

*RES 2: Y133.13 Initial low Dec 14, now resistance

*RES 1: Y132.85/87 Dec 13 low, Intraday high

*PRICE: Y132.77 @1014GMT

*SUP 1: Y132.25 Hourly support

*SUP 2: Y132.05 Dec 15 low

*SUP 3: Y131.77 Equality fall from Y133.89 to Y134.38-Y132.26

*SUP 4: Y131.23/25 Nov 23 low, 1.618 swing Y132.26-Y133.89

*COMMENTARY* The failure to deal with pivotal Fibo resistance at Y133.88 last

week, was the catalyst for the swift move back down the recent range. This now

sees Y132.05-Y131.77 as protecting against further losses towards

Y131.25-Y131.17. The latter the base of the Y134.50-Y131.17 range that has been

in effect since mid September this year. In the interim, a move back above

Y132.85 would help to reduce current downside bias.