NEW YORK, Oct 31 - The following is a selection of comments on important technical developments in the foreign exchange market:

GREG TROCCOLI, SENIOR TECHNICAL ANALYST, PRUDENTIAL SECURITIES
EURO/DOLLAR: "I was long euro until yesterday, and I sold it and took profits. It goes nowhere on a next leg higher unless it closes on a daily close above 91.00 cents. That's the main point right now.
"Just by what I saw yesterday, it looks like this thing might test 88.80, 89.20 cents again. That is still consistent with this overall uptrend since July. It's not over yet. "I'm not bearish, I just don't have a reason to buy it again unless we close above 91 cents. It can go up to 90.40, 90.60 cents tomorrow, it can retrace to 89.20, but unless it closes above 91 even, we might have seen the stall once again. I'll only go with strength at this point. "The range could be as low as 88.80 cents again and 91 cents."
DOLLAR/YEN: "I called the low on dollar/yen at 116 yen, but I was shocked from the move from 120 to 123 yen. "Oct. 22, the day we went up from 121 up to 122.50 that was the break-out above a triangle wedge resistance line. The seven or eight trading days since that, what we've done is just retraced right back to support of that breakout and held yesterday (day's low around 121.55 yen) "Based on that, this market has a a fair chance of getting up to 124.00-124.40 yen at this point. The only thing that puts a damper on that is if we have a daily settlement below 121.30 yen.
U.S. DOLLAR/CANADIAN DOLLAR: "You had this terrific run here, it continues from July. Around C$1.5950-1.6050 this market is very overbought near-term. So if you're long, I would keep stops right now right under C$1.58 close-only basis, to book profits and try to buy on the dips again. "If you're not long, I would not chase it, I'd look for a sell signal between C$1.5950 and C$1.6050.

TECHNICAL ANALYST, MCM CURRENCY WATCH
EURO/DOLLAR: "Euro/dollar pushed up strongly on Monday from the Friday-Monday lows at $0.8905-8922, extending gains through initial resistance at $0.9050-9060 to $0.9102 on Tuesday before dipping to $0.9040-0.9045. Subsequent consolidation under $0.9075-0.9080 broke lower through $0.9035-0.9043, completing a minor head-and-shoulders top, with bearish implications toward $0.8965-0.8980. Above $0.9037, delay bears. "Strategy: Stand aside for now.
DOLLAR/YEN: "Dollar/yen completes a near-term base on the probe above 122.23-122.45 resistance after corrective losses off 123.37 (Oct. 25 high) and found support at 121.56 on Tuesday.
"Sustaining this push higher confirms a near-term low and signals a return to 123.37 yen. However, a failure to hold this breakout would expose 121.56 to weakness, with slippage toward 121.00/121.20 not ruled out. "Strategy: Look to buy.