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EURO-YEN TECHS: Pullback Likely A Correction
*RES 4: 121.83 200-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: 119.98 @ 10:30 GMT Nov 20
*SUP 1: 119.85 Intraday low
*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: 118.69 Bear channel base drawn off the Sep 3 low
EURJPY meets with selling pressure this morning. 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.
Attention is on 121.48, Oct 21 high and the bull trigger. Support is at 119.25.