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EURO-YEN TECHS: Consolidating
*RES 4: 121.81 200-DMA
*RES 3: 121.48 High Oct 21 and bull trigger
*RES 2: 121.11 High Nov 7
*RES 1: 120.69 High Nov 18
*PRICE: 120.37 @ 10:16 GMT Nov 21
*SUP 1: 119.85 Low Nov 20
*SUP 2: 119.25 Low Nov 14 and bear trigger
*SUP 3: 118.76 61.8% retracement of Oct 3 - Oct 21 rally
*SUP 4: 118.74 Bear channel base drawn off the Sep 3 low
EURJPY is consolidating for now. The underlying outlook though is bullish. The
climb Friday is significant in that it followed a test of important support at
119.50/40. Also, the firm close that day near session highs confirmed a strong
candle pattern, a bullish engulfing reversal. This signals the end of the move
lower since Oct 21 and places the cross back in a bull camp. The intraday bull
trigger is 120.69, a break would open 121.48. Support lies at 119.25.