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Under Pressure *RES 4: 122.47........>

EURO-YEN TECHS
EURO-YEN TECHS: Under Pressure
*RES 4: 122.47 61.8% retracement of the Jun 5 - 22 downleg
*RES 3: 122.12 High Jun 16 and key near-term resistance
*RES 2: 121.97 High Jul 6 and 9 high and key resistance
*RES 1: 121.07 Intraday high
*PRICE: 120.58 @ 10:45 BST Jul 10
*SUP 1: 120.26 Low Jul 1
*SUP 2: 119.97/81 50-day EMA / Low Jun 26
*SUP 3: 119.31 Low Jun 22 and key support
*SUP 4: 118.87 Low May 29
EURJPY is under pressure once again. The cross stalled at yesterday's high of
121.97, a key resistance. The accelerated move lower earlier today has exposed
120.26, low Jul 1. A break of this support would neutralise recent bullish price
developments and suggest scope for a deeper correction towards 119.81 initially,
Jun 26 low. On the upside, the cross needs to retest and break 121.97, Jul 6 and
9 high to resume its bullish focus.

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