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Bullish But Lacking An Impulse.......>

EURO-YEN TECHS
EURO-YEN TECHS: Bullish But Lacking An Impulse
*RES 4: 122.32 High Jul 7
*RES 3: 121.52 200-day MA
*RES 2: 121.48 High Oct 21 and bull trigger
*RES 1: 121.02 High Dec 2
*PRICE: 120.09 @ 06:06 GMT Dec 9
*SUP 1: 120.00 Intraday low
*SUP 2: 119.58 Low Nov 25
*SUP 3: 119.35/25 Channel base drawn off the Sep 3 low / Low Nov 14
*SUP 4: 118.73 Low Oct 11
EURJPY retreated Friday, however a bullish outlook remains intact. This follows
the gradual recovery in price since Nov 14. The break above 120.69, Nov 18 high
is a positive development. Furthermore, this activity reinforces the importance
of the Nov 15 candle pattern, a bullish engulfing that signalled a reversal at
119.25 on Nov 14. The focus is on 121.48, Oct 21 high. Initial support at 120.10
was breached Friday, the next support is at 119.58, Nov 25 low.

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