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

EURO-YEN TECHS
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: 120.99 @ 15:20 GMT Jul 18
*SUP 1: 120.78 Low Jul 18 / Low Jun 3 and major support
*SUP 2: 120.52 1% Lower 10-dma envelope
*SUP 3: 120.00 Psychological round number
*SUP 4: 118.71 Ytd low
EURJPY breached the channel base drawn off the Jun 3 low and probed major
support at 120.78. 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.

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