Bulls Need Close Above 21-DMA *RES...>

EURO-YEN TECHS: Bulls Need Close Above 21-DMA

*RES 4: Y130.23 Hourly support Aug 8 now resistance 

*RES 3: Y129.89 Low Aug 1 now resistance 

*RES 2: Y129.86 21-DMA 

*RES 1: Y129.32 Hourly support Aug 9 now resistance

*PRICE: Y128.86 @ 0430GMT

*SUP 1: Y128.45 Low July 13 

*SUP 2: Y127.99 Low July 6 

*SUP 3: Y127.43 Low June 30 

*SUP 4: Y127.25 55-DMA

*COMMENTARY: Having supported the past 3 weeks, bears take comfort in the close

below the 21-DMA that confirms and easing of bullish pressure and sees focus

shift back to Y127.25 where key supports and the 55-DMA are located. Layers of

resistance are weighing and leaving the pair looking offered. Bulls now need a

close above Y129.32 to gain breathing room and above Y129.89 to shift focus back

to Y131.13-133.64. Below the 55-DMA hints at a move back to Y125.80.