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EURO-YEN TECHS: Bears still in command:
*RES 4: 120.52 50% retracement of Jun-Aug fall
*RES 3: 120.21 Low Jul 24
*RES 2: 120.05 Low Jul 25
*RES 1: 119.71/88 200-hma/High Aug 06
*PRICE: 119.02 @ 05:42 GMT Aug 08
*SUP 1: 118.38/29 Low Aug 6/Lower Bollinger Band (2%)
*SUP 2: 117.68 YTD low
*SUP 3: 117.24 Lower Bollinger Band (3%)
*SUP 4: 117.00 Psychological support
Tuesday's rejection of the 120.00 level has seen EURJPY settle in narrow range
trade holding either side of the 119 handle. Momentum and technical indicators
remain bearish and this keeps the longer-term downtrend intact. A break of the
ytd low at 117.68, returns the focus to round number support at 117.00. Bulls
need a convincing break of 120.00, before challenging the 50% retracement of the
Jun-Aug fall at 120.52.