Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account


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

To contact Joel Kruger, email Follow me on Twitter @JoelKruger

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to

provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from

23 May 2012 06:59 GMT