Bulls need to clear 50-dma: *RES.....>

EURO-YEN TECHS: Bulls need to clear 50-dma:

*RES 3: 123.18 High Jun 11

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

*RES 1: 122.89/97 Intraday high/50-dma

*PRICE: 122.46 @ 15:29 GMT June 27

*SUP 1: 122.23/07 100-hma/61.8% 118.71-127.50

*SUP 2: 121.65 Low Jun 25

*SUP 3: 120.95 Low Jun 21

Risk appetite underpinned through Asia, but the momentum faltered into US hours,

with markets failing to tip the cross north of the 50-dma, which remains the

near-term target. A break and close above here would open 123.18 and 123.74.

Momentum studies are in bullish 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.