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Path of least resistance remains down:.....>

EURO-YEN
EURO-YEN: Path of least resistance remains down:
*RES 4: 120.71 High Aug 1
*RES 3: 120.05 Low Jul 25
*RES 2: 119.85/88 38.2% retracement of Jul-Aug fall / High Aug 06
*RES 1: 119.16/41 High Aug 8/200-hma
*PRICE: 118.14 @ 05:05 GMT Aug 12
*SUP 1: 117.93 Lower Bollinger Band (2%)
*SUP 2: 117.68 YTD low
*SUP 3: 117.02 Lower 2.0% 10-dma envelope
*SUP 4: 117.00 Psychological support
Lat Tuesday's rejection of the 120.00 level has seen EURJPY extend the pullback
toward 118.00. Momentum and technical indicators remain bearish with the focus
on support from the ytd low at 117.68. A break would open a move towards round
number support at 117.00. Bulls need a convincing break of 120.00 to signal a
short-term base, before challenging the 50% retracement of the Jul-Aug fall at
120.52.

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