Bearish tone intact: *RES 4:.........>

EURO-YEN TECHS: Bearish tone intact:

*RES 4: 123.00 Round number resistance

*RES 3: 122.54 High Jul 2

*RES 2: 122.32 High Jul 10

*RES 1: 121.38/85 200-hma / High Jul 15

*PRICE: 121.05 @ 04:51 GMT Jul 23

*SUP 1: 120.78 Low Jul 18 / Low Jun 3 and major support

*SUP 2: 120.24 1% Lower 10-dma envelope

*SUP 3: 120.00 Psychological round number

*SUP 4: 118.71 Ytd low

EURJPY remains bearish despite its recent consolidation. The break of its

channel base on Jul 18 is expected to weigh near-term. More importantly, the

cross needs to break its support and bear trigger at 120.78, the low of Jun 3

and tested recently on Jul 18 to confirm a resumption of the downtrend. This

would open 120.00 ahead of the ytd low of 118.71. Key resistance has been

defined at 122.32, the Jul 10 high. Initial resistance is at the 121.38/85 zone.