Consolidating but remains bearish:...>

EURO-YEN TECHS: Consolidating but remains bearish:

*RES 4: 122.54 High Jul 2

*RES 3: 122.32 High Jul 10

*RES 2: 121.76/85 50-dma / High Jul 15

*RES 1: 121.38 High Jul 25 and Jul 30

*PRICE: 121.10 @ 04:29 GMT Jul 31

*SUP 1: 120.05 Low Jul 25

*SUP 2: 120.00 Psychological round number/ 3% Lower Bollinger Band

*SUP 3: 119.77 Lower 1.0% 10-dma envelope

*SUP 4: 118.71 YTD low

EURJPY continues to consolidate just below resistance at 121.38. A break of this

level is required to suggest the onset of a more bullish outlook. Note, this

would also take the cross back above the former bear channel base drawn off the

Jun 3 low. The channel base was breached on Jul 18. A move through 121.38 would

open the 50-dma at 121.76. For now, the bearish trend remains intact. A breach

of 120.05 would open the ytd low of 118.71.