120.78 bear trigger: *RES 3:.........>

EURO-YEN TECHS: 120.78 bear trigger:

*RES 3: 122.54 High Jul 2

*RES 2: 122.32 High Jul 10

*RES 1: 121.48/85 200-hma / High Jul 15

*PRICE: 120.98 @ 08:52 GMT Jul 22

*SUP 1: 120.78 Low Jul 18 / Low Jun 3 and major support

*SUP 2: 120.24 1% Lower 10-dma envelope

*SUP 3: 120.00 Psychological round number

*SUP 4: 118.71 Ytd low

EURJPY has breached the channel base drawn off the Jun 3 low and tested major

support at 120.78, the low of Jun 3. To further confirm a channel breakout, a

daily close below the base at 121.18 has also occurred. Six straight sessions of

losses also reinforces the outright bearish tone. Confirmed weakness below

120.78 would set 120.00 as an objective ahead of the ytd low of 118.71. Key

resistance has been defined at 122.32, the high of Jul 10. Initial resistance is

at the 121.48/85 zone.