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Bears in control for now: *RES 4:....>

EURO-YEN TECHS
EURO-YEN TECHS: Bears in control for now:
*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: 121.69 @ 04:45 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
EURJPY failed to consolidate Monday's gains with the retracement this week
extending back below 121.50. The short-term risk for deeper losses remains with
support at 120.95 and 120.78 exposed. 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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