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EURO-YEN TECHS: Recovery Mode
*RES 4: 121.88 200-DMA
*RES 3: 121.48 High Oct 21 and bull trigger
*RES 2: 121.11 High Nov 7
*RES 1: 120.69 Intraday high
*PRICE: 120.60 @ 10:45 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
*SUP 4: 118.59 Bear channel base drawn off the Sep 3 low
EURJPY has continued to climb this morning. Recently the cross has 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.