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Strong Rebound *RES 4: 118.82 High...>

EURO-YEN TECHS
EURO-YEN TECHS: Strong Rebound
*RES 4: 118.82 High Apr 13
*RES 3: 117.94 High Apr 14
*RES 2: 117.78 High Apr 30 and bull trigger
*RES 1: 117.33 50-day EMA
*PRICE: 117.16 @ 18:37 BST May 18
*SUP 1: 116.85 High May 12
*SUP 2: 115.30/33 Low May 11 / Low May 14
*SUP 3: 114.43 Low May 6 and bear trigger
*SUP 4: 113.87 1.382 projection of the Feb 20 - Mar 9 decline from Mar 25
EURJPY rallied sharply higher Monday breaking above initial resistance at
116.85, May 12 high. The break of this level refocuses attention on key
resistance and the bull trigger at 117.78, Apr 30 high. A move beyond 117.78
would reverse the bearish focus and signal scope for gains towards 118.82, Apr
13 high. On the downside, a return below last week's low of 115.33 is required
to reinstate the bearish threat. This would open 114.43, May 6 low.

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