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Edging lower towards 120.00: *RES....>

EURO-YEN TECHS: Edging lower towards 120.00:
*RES 4: 122.54 High Jul 2
*RES 3: 122.32 High Jul 10
*RES 2: 121.85 High Jul 15
*RES 1: 121.24 Former channel base turned resistance
*PRICE: 120.44 @ 04:10 GMT Jul 25
*SUP 1: 120.19 1% Lower 10-dma envelope
*SUP 2: 120.00 Psychological round number
*SUP 3: 119.80 3% Lower Bollinger Band
*SUP 4: 118.71 Ytd low
EURJPY cleared 120.78 Tuesday, marking the early June low and former 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 121.24 offers initial resistance.

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