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Bearish tone holds: *RES 4: 123.36...>

EURO-YEN TECHS
EURO-YEN TECHS: Bearish tone holds:
*RES 4: 123.36 High Jul 1
*RES 3: 122.58 61.8% retracement of July fall
*RES 2: 122.40 Cloud base
*RES 1: 122.32 High Jul 10
*PRICE: 122.11 @ 04:55 GMT Jul 12
*SUP 1: 121.62 Low Jul 11
*SUP 2: 121.32 Low Jul 4
*SUP 3: 120.95 Low Jun 21
*SUP 4: 120.78 Low Jun 3 and major support
Recovery efforts in EURJPY remain shallow, maintaining the outright bearish
tone. Activity over recent sessions continues to take on the appearance of a
bear flag formation, a continuation pattern. A break of 121.62 would open 121.32
ahead of 120.95 and major support at 120.78. Note that a break of the latter
level, the low of Jun 3 would negate the prospect of a double bottom, and
confirm a resumption of the downtrend opening 120.00. Resistance is at 122.32.

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