Remains within its downtrend: *RES...>

EURO-YEN TECHS: Remains within its downtrend:

*RES 4: 122.54 High Jul 2

*RES 3: 122.32 High Jul 10

*RES 2: 121.85/84 High Jul 15 / 50-dma

*RES 1: 121.27/38 Former channel base drawn off the Jun 3 low / Low Jul 25

*PRICE: 120.82 @ 08:38 GMT Jul 29

*SUP 1: 120.05 Low Jul 25

*SUP 2: 120.00 Psychological round number

*SUP 3: 119.93 3% Lower Bollinger Band

*SUP 4: 118.71 Ytd low

EURJPY remains within it downtrend and continues to trade below the former

channel base, at 121.27 today. The focus is on the Jul 25 lows at 120.05 where a

break would challenge Bollinger band support at 119.89. Momentum studies are

also pointing south reinforcing the bearish theme. A clear break of the

120.05/119.89 zone would pave the way for weakness towards the ytd low of

118.71. Initial resistance is at 121.27/38 ahead of the 50-dma at 121.84.