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Recovery Will Be Measured Against....>

EURO-YEN TECHS
EURO-YEN TECHS: Recovery Will Be Measured Against Y131.36-Y131.38 Reaction
*RES 4: Y132.48 76.4% Fibo of Y133.49-Y129.23
*RES 3: Y131.95 1% volatility band
*RES 2: Y131.86 61.8% Fibo of Y133.49-Y129.23
*RES 1: Y131.36/38 50% Fibo of Y133.49-Y129.23, May 14 high
*PRICE: Y130.81 @1535GMT
*SUP 1: Y130.50/60 Hourly base May 21, intraday low
*SUP 2: Y130.24 May 18 low
*SUP 3: Y129.95 Initial recovery high May 16, now support
*SUP 4: Y129.53 May 16 low, 2 year bull channel base
*COMMENTARY* After flirting with the base of the 2 year bull channel over the
last couple of weeks, has begun to pull away, this is at Y129.53 this week. Have
moved above Y131.13 today, which puts us back on track to retest the 50% Fibo
retrace level and May 14 high between Y131.36-Y131.38. Through the latter would
add more credence to this rise. Meanwhile, support from between Y130.60-Y130.50
protects against another push lower, Y130.24-Y129.95 below.

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