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EURO-YEN TECHS: Bullish Engulfing Reversal
*RES 4: 121.88 200-DMA
*RES 3: 121.48 High Oct 21 and bull trigger
*RES 2: 121.11 High Nov 7
*RES 1: 120.64 High Nov 12
*PRICE: 120.37 @ 05:56 GMT Nov 18
*SUP 1: 119.25 Low Nov 14
*SUP 2: 118.76 61.8% retracement of Oct 3 - Oct 21 rally
*SUP 3: 118.59 Bear channel base drawn off the Sep 3 low
*SUP 4: 118.12 76.4% retracement of Oct 3 - Oct 21 rally
Friday marked an interesting technical day in EURJPY. Recently the cross has
corrected lower, since peaking at 121.48 on Oct 21. This saw prices retrace
within a bull channel drawn off the Sep 3 low. Friday's bounce followed a test
of an important support at 119.50/40. The firm close near session highs has
confirmed a strong candle pattern, a bullish engulfing reversal. This placed the
cross back in the bull camp and attention turns to resistance at 121.48.