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EUR/JPY Classical Technical Report 05.23

By Joel Kruger, Technical Strategist
23 May 2012 06:59 GMT
Daily_Classical_EURJPY_body_eur.png, EUR/JPY Classical Technical Report 05.23

EUR/JPY:The corrective pullback from the March 111.40 highs continues, and at this point, the close below the 200-Day SMA could open the door for a more significant decline below 100.00 over the coming days. However, with daily studies now looking stretched, we still hold onto a constructive outlook and will look for setbacks to stall out over the coming sessions in anticipation of a major bullish reversal. But back above 103.00 is now required at a minimum to relieve immediate downside pressures.

--- Written by Joel Kruger, Technical Currency Strategist

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23 May 2012 06:59 GMT