Defies bear trigger: *RES 4:.........>

EURO-YEN TECHS: Defies bear trigger:

*RES 4: 123.00 Round number resistance

*RES 3: 122.54 High Jul 2

*RES 2: 122.32 High Jul 10

*RES 1: 121.48/85 200-hma / High Jul 15

*PRICE: 120.98 @ 15:24 GMT Jul 22

*SUP 1: 120.78 Low Jul 18 / Low Jun 3 and major support

*SUP 2: 120.24 1% Lower 10-dma envelope

*SUP 3: 120.00 Psychological round number

*SUP 4: 118.71 Ytd low

After breaking channel base support drawn off the Jun 3 low, EUR/JPY recovered

slightly Monday, defying the bear trigger at 120.78. This snaps a losing streak

of six straight sessions, improving the outlook slightly, but that remains

bearish for now. Confirmed weakness 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. Initial resistance is at the 121.48/85 zone.