Stuck in the range: *RES 4: 123.74...>

EURO-YEN TECHS: Stuck in the range:

*RES 4: 123.74 High May 21

*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: 122.65 @ 16:17 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

EURJPY failed to clear the 50-dma yesterday, before drifting back into the

range. This remains the near-term target, with a break and close above opening

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.