Downtrend intact: *RES 4: 123.36 ...>

EURO-YEN TECHS: Downtrend intact:

*RES 4: 123.36    High Jul 1

*RES 3: 122.58    61.8% retracement of July fall

*RES 2: 122.35/40 50-dma / cloud base

*RES 1: 122.32    High Jul 10

*PRICE: 121.80    @ 08:43 GMT Jul 11

*SUP 1: 121.52    Low Jul 7

*SUP 2: 121.32    Low Jul 4

*SUP 3: 120.95    Low Jun 21

*SUP 4: 120.78    Low Jun 3 and major support

EURJPY maintains an outright bearish tone. Price activity over the past few

sessions has taken on the appearance of a bear flag formation, a continuation

pattern. Today's early sell-off reinforces this. A break of 121.52 would open

121.32 ahead of 120.95 and major support at 120.78. Note that a break of the

latter level, the low of Jun 3 would negate the prospect of a double bottom, and

confirm a resumption of the downtrend opening 120.00. Resistance is at 122.32.