Weak to weaker: *RES 4: 122.54.......>

EURO-YEN TECHS: Weak to weaker:

*RES 4: 122.54 High Jul 2

*RES 3: 122.32 High Jul 10

*RES 2: 121.85 High Jul 15

*RES 1: 121.23 Former channel base turned resistance

*PRICE: 120.47 @ 16:12 GMT Jul 24

*SUP 1: 120.19 1% Lower 10-dma envelope

*SUP 2: 120.00 Psychological round number

*SUP 3: 119.80 3% Lower Bollinger Band

*SUP 4: 118.71 Ytd low

EURJPY cleared 120.78 Tuesday, marking the early June low and key support. This,

and the recent break break of its channel base on Jul 18, is expected to weigh

further near-term. Momentum studies are pointing south too reinforcing the

current bearish theme. The break of 120.78 opens 120.00 ahead of the ytd low of

118.71. Key resistance has been defined at 122.32, the Jul 10 high. The former

channel base today at 121.23 offers initial resistance.