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Bearish outlook: *RES 4: 123.74/79...>

EURO-YEN TECHS
EURO-YEN TECHS: Bearish outlook:
*RES 4: 123.74/79 High May 21 and 50% retracement of Apr 17-Jun 3 decline
*RES 3: 123.36/49 High Jul 1 / cloud base
*RES 2: 122.64 50-dma
*RES 1: 122.08/13 21-dma / High Jun 17
*PRICE: 121.63 @ 08:48 GMT Jul 4
*SUP 1: 121.32 Low Jul 4
*SUP 2: 120.95 Low Jun 21
*SUP 3: 120.78 Low Jun 3 and major support
*SUP 4: 120.00 Psychological round number
The corrective pullback based at 121.32 yesterday. EURJPY recoveries remain
shallow highlighting the short-term risk for deeper losses, support is located
at 120.95 and 120.78. A break of the latter level would negate the prospect of a
double bottom highlighted recently, and instead confirm a resumption of the
downtrend exposing the psychological 120.00 handle. Key resistance is at 123.36.

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