Focus is on the 50-dma: *RES 3:......>

EURO-YEN TECHS: Focus is on the 50-dma:

*RES 3: 123.18 High Jun 11

*RES 2: 123.08 38.2% Fibonacci retracement of the Apr 17-Jun 3 decline

*RES 1: 122.89/91 High Jun 27 / 50-dma

*PRICE: 122.39 @ 04:27 GMT June 28

*SUP 1: 122.29/07 100-hma / 61.8% 118.71-127.50

*SUP 2: 121.65 Low Jun 25

*SUP 3: 120.95 Low Jun 21

*SUP 4: 120.90 2% Lower Bollinger band

EURJPY failed to hold onto yesterday's intraday highs resulting in an inability

to tip the cross north of the 50-dma, which remains the near-term target. A

break and close above this average would open 123.18 and 123.74. Momentum

studies are in a bullish mode and the significance of the recent break of

trendline resistance is increasing. To the downside, a move below support at

121.65, the Jun 25 low is required to challenge the current bullish theme and

expose 120.95 and the key support at 120.78, the May 6 low.