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EUR/JPY Classical Technical Report 04.05

By Joel Kruger, Technical Strategist
05 April 2012 05:26 GMT
daily_classical_eurjpy_body_eur.png, EUR/JPY Classical Technical Report 04.05

EUR/JPY: The cross continues to show evidence of the formation of a meaningful base, with the recent break back above 105.00 further confirming bullish bias to accelerate gains through latest key resistance in the form of the 200-Day SMA and just over 111.00 thus far. Daily studies are however unwinding from stretched levels so we would not rule out the potential for a bit more of a consolidation and pullback towards the 105.00-107.00 area, before the market looks to resume its upward trajectory.

--- Written by Joel Kruger, Technical Currency Strategist

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05 April 2012 05:26 GMT