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EURO-YEN TECHS: Gains Considered Corrective
*RES 4: 117.78 High Apr 30 and bull trigger
*RES 3: 117.31 High May 4
*RES 2: 116.57 High May 5
*RES 1: 116.52 High May 11 and near the 20-day EMA
*PRICE: 116.06 @ 06:04 BST May 12
*SUP 1: 115.03 Low May 8
*SUP 2: 114.43 Low May 6 and bear trigger
*SUP 3: 113.87 1382 projection of the Feb 20 - Mar 9 decline from Mar 25
*SUP 4: 113.73 Low Nov 9, 2016
EURJPY managed to find support at 114.43, May 6 low and traded higher yesterday.
For now, these gains are considered corrective with the broader outlook still
bearish. The cross last week traded at levels last seen in Nov 2016 and also
cleared an important support at 115.45, Apr 29 low to confirm a resumption of
the primary downtrend. Next resistance is at 116.57, May 5 high. A break of this
level is required to instead suggest scope for stronger intraday bounce.