50-DMA in the crosshairs: *RES 4:....>

EURO-YEN TECHS: 50-DMA in the crosshairs:

*RES 4: 123.74 High May 21

*RES 3: 123.18 High Jun 11

*RES 2: 123.08 38.2% Fibonacci retracement of the Apr 17-Jun 3 decline

*RES 1: 123.04 50-DMA

*PRICE: 122.57 @ 15:57 GMT June 26

*SUP 1: 121.91/75 100-hma/200-hma

*SUP 2: 120.95 Low Jun 21

*SUP 3: 120.90 2% Lower Bollinger band

*SUP 4: 120.78 Low Jun 3/76.4% 118.71-127.50

The recovery from 120.95 extended throughout the Wednesday session, with bulls

looking to challenge the 50-DMA at 123.04 for the first time since early April.

A break and close above here would open 123.18 and 123.74. To the downside,

however, any return lower would see 120.95 challenged and the key support at

120.78, the May 6 low.