Pullback Likely A Correction *RES....>

EURO-YEN TECHS: Pullback Likely A Correction

*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: 120.23 @ 16:50 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

EURJPY managed to bounce ahead of the close but came under some selling pressure

in early Europe. 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.