Rally Pauses *RES 3: 123.69 2.0%.....>

EURO-YEN TECHS: Rally Pauses

*RES 3: 123.69 2.0% 10-dma envelope

*RES 2: 123.22 76.4% retracement of the Jun 5 - 22 downleg

*RES 1: 122.50 Intraday high

*PRICE: 122.07 @ 16:35 BST Jul 15

*SUP 1: 121.47 Low Jul 14

*SUP 2: 120.70 Low Jul 13

*SUP 3: 120.26/27 Low Jul 1/10 and key S/T support

EURJPY traded higher Tuesday but stalled somewhat into the Wednesday close.

Nonetheless, this week's price action cleared key near-term resistance at

121.97, Jul 6, 9 and 13 high. The break reinforces underlying bullish

conditions. A positive tone follows the recovery off 120.27, Jul 10 low that

suggested the sharp sell-off late last week was a correction and recent gains

reinforce this reading. Attention shifts to the next objective at 123.22, a

Fibonacci retracement. Initial support lies at Tuesday's low of 121.47.