Bulls eye the 50-DMA: *RES 4:........>

EURO-YEN TECHS: Bulls eye the 50-DMA:

*RES 4: 123.74 High May 21

*RES 3: 123.18 High Jun 11

*RES 2: 123.08 38.2% Fibonacci retracement of the Apr 17-Jun 3 decline

*RES 1: 122.98 50-DMA

*PRICE: 122.70 @ 05:14 GMT June 27

*SUP 1: 121.65 Low Jun 25

*SUP 2: 120.95 Low Jun 21

*SUP 3: 120.90 2% Lower Bollinger band

EURJPY bullish conditions have improved with the cross extending gains overnight

in Asia. Bull appear set to challenge the 50-DMA at 122.98 for the first time

since early April. A break and close above here would open 123.18 and 123.74.

Momentum studies are in a bull mode and the significance of the recent break of

trendline resistance is increasing. To the downside, a move below support at

121.65, the Jun 25 low is required to challenge the current bullish theme and

expose 120.95 and the key support at 120.78, the May 6 low.