Recovery Off Friday's Low Extends....>

EURO-YEN TECHS: Recovery Off Friday's Low Extends

*RES 3: 118.58 61.8% retracement of the Mar 25 - May 6 sell-off

*RES 2: 118.52 High May 21

*RES 1: 118.34 High May 26

*PRICE: 118.15 @ 16:37 BST May 26

*SUP 1: 117.00 Low May 22

*SUP 2: 116.85 High May 12

*SUP 3: 115.30/33 Low May 11 / Low May 14 and key support

EURJPY found resistance at Thursday's 118.52 high and remained under pressure

into the Friday close. The pullback though was considered a correction and the

cross has delivered a positive reaction Tuesday trading back above 118.00 and

narrowing the gap with the Friday high. Last week the cross breached 117.78, Apr

30 high reversing a recent bearish tone. This opens 118.82, Apr 13 high and

119.04, the Apr 7 high. Initial support is Friday's 117.00 low, the outlook is

bullish while this level holds.