Underlying bearish tone: *RES 3:.....>

EURO-YEN TECHS: Underlying bearish tone:

*RES 3: 122.32 High Jul 10

*RES 2: 121.85 High Jul 15

*RES 1: 121.36/42 200-hma / Low Jul 15

*PRICE: 120.95 @ 08:51 GMT Jul 23

*SUP 1: 120.78 Low Jul 18 / Low Jun 3 and major support

*SUP 2: 120.14 1% Lower 10-dma envelope

*SUP 3: 120.00 Psychological round number

*SUP 4: 118.71 Ytd low

Despite a period of consolidation, EURJPY retains an underlying bearish tone.

The break of its channel base on Jul 18 is expected to weigh near-term. More

importantly, the cross needs to break its support and bear trigger at 120.78,

the low of Jun 3 and tested recently on Jul 18 to confirm a resumption of the

downtrend. This would open 120.00 ahead of the ytd low of 118.71. Key resistance

has been defined at 122.32, the Jul 10 high. Initial resistance is at the

121.38/85 zone.