Bearish threat remains: *RES 4:............>

EURO-YEN: Bearish threat remains:

*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: 122.58 50-dma

*RES 1: 121.93 High Jul 5

*PRICE: 121.61 @ o4:52 GMT Jul 8

*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

EURJPY is locked in a narrow 121.50-122.00 range. The bearish outlook remains

intact opening the potential of a deeper correction to 120.95 and major support

at 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. Resistance is seen at 122.50/60 from a

series of hourly highs/lows.