Consolidating gains: *RES 4:.........>

EURO-YEN TECHS: Consolidating gains:

*RES 4: 123.74/79 High May 21 and 50% retracement of Apr 17-Jun 3 decline

*RES 3: 123.36    High Jul 1

*RES 2: 122.41/47 50-dma / cloud base

*RES 1: 122.31    Intraday high

*PRICE: 122.27    @ 08:51 GMT Jul 10

*SUP 1: 121.52    Low Jul 7

*SUP 2: 121.32    Low Jul 4

*SUP 3: 120.95    Low Jun 21

Despite clearing 122.00 on strong French IP data, EURJPY maintains a bearish

tone. Price activity over the past few sessions has taken on the appearance of a

bear flag formation, a continuation pattern. A break of 121.52 would open

121.32, below which 120.95 is exposed, ahead of major support at 120.78. A break

of the latter level would negate the prospect of a double bottom highlighted

recently, and confirm a resumption of the downtrend opening 120.00. Resistance

is at 122.50/60 from a series of hourly highs/lows.