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Testing Key Resistance *RES 4:.......>

EURO-YEN TECHS
EURO-YEN TECHS: Testing Key Resistance
*RES 4: 123.68 2.0% 10-dma envelope
*RES 3: 123.22 76.4% retracement of the Jun 5 - 22 downleg
*RES 2: 122.47 61.8% retracement of the Jun 5 - 22 downleg
*RES 1: 122.32 High Jul 6, 9 and 13 high and key resistance
*PRICE: 122.22 @ 18:01 BST Jul 14
*SUP 1: 120.26/27 Low Jul 1/10 and key S/T support
*SUP 2: 120.07/81 50-day EMA / Low Jun 26
*SUP 3: 119.31 Low Jun 22 and key support
*SUP 4: 118.87 Low May 29
EURJPY last week found support at Friday's low of 120.27 and Monday, the cross
extended the recovery. The bounce off Friday's low suggests the sharp sell-off
late last week was a correction. As long as 120.27 remains intact, a positive
tone appears to be reinstating itself again. If this reading is correct, scope
exists for a retest and more importantly a breach of firm resistance at 121.97,
high Jul 6, 9 and 13 top open 122.47, a retracement level.

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