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False Break of 123.00 EURJPY.........>

EURO-YEN TECHS
EURO-YEN TECHS: False Break of 123.00
EURJPY topped out at 123.18 yesterday, before fading. Failure to close above the
123 handle suggested a false break with the retracement extending to 122.60.
Bears need to clear the Jun 7 low at 122.10 to change the outlook, while any
move back under the triangle top returns the focus to the 50% retracement level
& triangle base at 121.45/08. Bulls look for a close above 123.00 to reignite
the uptrend, opening a run at the 1.0% 10-dma envelope & May 22 high at
123.32/51.

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