Channel base breached, watch at......>

EURO-YEN TECHS: Channel base breached, watch at the close:

*RES 4: 123.00 Round number resistance

*RES 3: 122.54 High Jul 2

*RES 2: 122.32 High Jul 10

*RES 1: 121.71/85 200-hma / High Jul 15

*PRICE: 121.09 @ 08:58 GMT Jul 18

*SUP 1: 120.93 Intraday low

*SUP 2: 120.78 Low Jun 3 and major support

*SUP 3: 120.52 1% Lower 10-dma envelope

*SUP 4: 120.00 Psychological round number

EURJPY has breached the channel base drawn off the Jun 3 low. To further confirm

a channel breakout, a daily close below the base at 121.18 is required. This

would reinforce the outright bearish tone opening major support at 120.78, the

low of Jun 3. Prints below 120.78 would set 120.00 as an objective ahead of the

ytd low of 118.71. Key resistance has been defined at 122.32, the high of Jul

10.