2 July 2001, 19:17  US FX Daily Outlook: Yen up amid profit-taking, EUR down on data

USD/JPY : The outlook is neutral near-term due to the "tolerably bad" Tankan survey.
Support: 124.26 (overnight low), 122.50 (Gann 50-point pivot; targets: 122.00/123.00), 122.31 (60-day moving average), 121.05 (Gann 50-point pivot; targets: 120.55/121.55), 121.80 (20-day moving average), 119.65 (Gann 50-point pivot; targets: 119.15/120.15), 119.00 (38.2% Fibonacci retracement level of the August 1998-December 1999 downtrend), 118.30 (June 1 trough; 3-month low), 118.25 (Gann 50-point pivot; targets: 117.75/118.75).
Resistance: 124.98 (overnight high), 125.50 (Gann 50-point pivot; targets: 125.00/126.00), 126.84 (April 2 high; 29-month high).

* EUR/USD : The outlook is bearish amid periods of profit-taking.
Support: 0.8442 (overnight low), 0.8540 (20-day moving average), 0.8411 (June 11 low; 6-month low), 0.8372 (Nov. 23 low), 0.8245 (1.382% Fibonacci extension level the Jan. 6-May 4, 19 downtrend; target of fifth Elliott wave), 0.8228 (Oct. 26 low; lifetime low).
Resistance: 0.8514 (overnight high), 0.8673 (June 15 peak), 0.8790 (38.2% Fibonacci retracement level of the June-October downtrend), 0.8848 (61.8% Fibonacci retracement level of the Nov. 27-Jan. 5 uptrend).

* EUR/JPY : The outlook is bearish as the Euro continues to weaken.
Support: 105.08 (overnight low), 99.85 (June 1 low; 5 1/2-month low), 97.22 (Dec. 12 trough).
Resistance: 106.21 (overnight high).

* GBP/USD : The outlook is neutral.
Support: 1.4106 (overnight low), 1.3688 (June 12 low; 15 1/2-year low), 1.3660 (February 1986 trough).
Resistance: 1.4163 (overnight high), 1.4016 (20-day moving average), 1.4204 (60-day moving average).

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