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Continues To Lose Ground After 1%....>

EURO-YEN TECHS
EURO-YEN TECHS: Continues To Lose Ground After 1% Volatility Band Caps
*RES 4: Y131.50/53 Hourly high Jul 18, Jul 17 low
*RES 3: Y131.21 Jul 20 high
*RES 2: Y130.88 Jul 18 low, now resistance
*RES 1: Y130.50/60 Hourly resistance, initial low Jul 20
*PRICE: Y130.14 @0820GMT
*SUP 1: Y129.91 Jul 11 low
*SUP 2: Y129.65/78 1% vol band, 61.8% Fibo of Y128.42-Y131.99
*SUP 3: Y129.26 76.4% Fibo of Y128.42-Y131.99
*SUP 4: Y129.09 2 mkonth rising support line
*COMMENTARY* Having broken above key Y131.38-Y131.40 resistance, the rally was
frustrated by the upper 1% volatility band at Y131.99 last Tuesday. The
subsequent fall has now broken below initial support from Y130.42 and the 50%
Fibo retrace level at Y130.20. These were the protection to the key near term
level from the Jul 11 low at Y129.91. Loss would spoil recent upside momentum.
Meanwhile, Y130.50-Y130.88 forms immediate resistance to any recovery hopes.

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