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Still trading below the former.......>

EURO-YEN TECHS
EURO-YEN TECHS: Still trading below the former channel base:
*RES 4: 122.54 High Jul 2
*RES 3: 122.32 High Jul 10 and key resistance
*RES 2: 121.85/88 High Jul 15 / 50-dma
*RES 1: 121.25/38 Former channel base drawn off the Jun 3 low / Low Jul 25
*PRICE: 121.10 @ 05:46 GMT Jul 26
*SUP 1: 120.05 Low Jul 25
*SUP 2: 120.00 Psychological round number
*SUP 3: 119.75 3% Lower Bollinger Band
*SUP 4: 118.71 Ytd low
EURJPY based at 120.05 before rallying through 121.00. Despite this, the broader
bearish trend remains intact following the recent break of support at 120.78 and
the channel base on Jul 18. Momentum studies are pointing south too reinforcing
the bearish theme. 120.00 holds the next area of support, ahead of the ytd low
of 118.71. The cross continues to trade below the former channel base at 121.25
today. 121.25/38 offers initial resistance ahead of the 50-dma at 121.90.

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