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Under Pressure This Morning *RES.....>

EURO-YEN TECHS
EURO-YEN TECHS: Under Pressure This Morning
*RES 4: 118.82 High Apr 13
*RES 3: 118.14 50-day EMA
*RES 2: 117.94High Apr 16
*RES 1: 117.78 High Apr 30 and bull trigger
*PRICE: 116.75 @ 06:11 BST May 4
*SUP 1: 116.34 61.8% retracement of the Apr 29 - 30 rally
*SUP 2: 115.45 Low Apr 29
*SUP 3: 115.37 0.765 projection of Mar 25 - Apr 2 decline from Apr 7 high
*SUP 4: 115.00 Round number support
A sharp rally in EURJPY Thursday saw the cross trade to 117.78. This rally for
now signals a potential reversal. However, the cross is offered this morning and
approaching initial support at 116.34, a Fibonacci retracement level. An ability
to hold above this level would be constructive with key short-term resistance
and the near-term bull trigger at 117.78, Apr 30 high. A deeper pullback though
would be a concern for bulls and expose 115.45, Apr 29 low.

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