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EURO-YEN TECHS: Recovery Mode
*RES 3: 121.48 High Oct 21 and bull trigger
*RES 2: 121.11 High Nov 7
*RES 1: 120.69 Intraday high
*PRICE: 120.33 @ 16:57 GMT Nov 18
*SUP 1: 119.72 Intraday low
*SUP 2: 119.25 Low Nov 14
*SUP 3: 118.76 61.8% retracement of Oct 3 - Oct 21 rally
EURJPY consolidated in the Monday afternoon after climbing throughout European
hours. Recently the cross 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 however followed a test of an important support at 119.50/40. The firm
close Friday near session highs confirmed a strong candle pattern, a bullish
engulfing reversal. This places the cross back in the bull camp and attention is
on resistance at 121.48.