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Base Established For Now *RES 4:.....>

EURO-YEN TECHS
EURO-YEN TECHS: Base Established For Now
*RES 4: 122.61 High Jun 9
*RES 3: 122.12 High Jun 16 and key near-term resistance
*RES 2: 121.23 High Jun 17
*RES 1: 121.10 High Jun 23
*PRICE: 120.36 @ 10:50 BST Jun 24
*SUP 1: 119.31 Low Jun 22
*SUP 2: 118.60 Low May 29
*SUP 3: 118.23 2.0% 10-dma envelope
*SUP 4: 118.25 61.8% retracement of the rally between May 6 - Jun 5
EURJPY found support Monday and has defined a near-term base at 119.31, low Jun
22. If Monday's move higher marks the end of the recent drop, price action will
need to hold above the week's low. Gains would pave the way for a climb towards
122.12, Jun 16 high and the next key hurdle for bulls. A move below 119.31 would
reinstate recent bearish pressure and open 118.25.

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