Double bottom reversal: *RES 3:......>

EURO-YEN TECHS: Double bottom reversal:

*RES 3: 124.22 100 DMA

*RES 2: 123.74/79 High May 21 and 50% retracement of Apr 17-Jun 3 decline

*RES 1: 123.36/49 Intraday high/cloud base

*PRICE: 122.70 @ 08:50 GMT Jul 1

*SUP 1: 122.28 Low Jun 28 and key intraday support

*SUP 2: 122.13/07 200-hma/61.8% 118.71-127.50

*SUP 3: 121.65 Low Jun 25

EURJPY cleared 123.18 in early Asia, but has since faded the move. Despite the

minor pullback, the outlook remains bullish. Momentum studies are pointing north

and the bullish significance of the recent break of trendline resistance remains

in place. Furthermore, the move above 123.18 today highlights a double bottom

reversal on the daily scale. The overnight high of 123.36 marks an initial

resistance for bulls. On the downside strong support has been defined at 122.28.

While this level holds the focus is on further gains for EURJPY.