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EURO-YEN TECHS: Bulls Need Close Above 21-DMA
*RES 4: Y131.13 High Aug 4
*RES 3: Y130.23 Hourly support Aug 8 now resistance
*RES 2: Y129.89 Low Aug 1 now resistance, 21-DMA
*RES 1: Y129.54 Hourly resistance Aug 10
*PRICE: Y129.09 @ 0430GMT
*SUP 1: Y128.41 Low Aug 9
*SUP 2: Y127.99 Low July 6
*SUP 3: Y127.43 Low June 30
*SUP 4: Y127.33 55-DMA
*COMMENTARY: Having supported the past 3 weeks, bears take comfort in closes
below the 21-DMA that confirm an easing of bullish pressure and sees focus shift
back to Y127.33-43 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 Y129.54 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.