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Depreciates further: *RES 4:.........>

EURO-YEN TECHS: Depreciates further:
*RES 4: 122.54 High Jul 2
*RES 3: 122.32 High Jul 10
*RES 2: 121.85 High Jul 15
*RES 1: 121.23 Former channel base turned resistance
*PRICE: 120.54 @ 04:49 GMT Jul 24
*SUP 1: 120.14 1% Lower 10-dma envelope
*SUP 2: 120.00 Psychological round number
*SUP 3: 119.94 3% Lower Bollinger Band
*SUP 4: 118.71 Ytd low
EURJPY cleared 120.78 Tuesday, marking the early June low and key support. This,
and the recent break break of its channel base on Jul 18, is expected to weigh
further near-term. Momentum studies are pointing south too reinforcing the
current bearish theme. The break of 120.78 opens 120.00 ahead of the ytd low of
118.71. Key resistance has been defined at 122.32, the Jul 10 high. The former
channel base today at 121.23 offers initial resistance.

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