Watch the 60 day average, Elliott channel support, and former pivots at 11704 and 11598 as February comes to a close and March begins. A final plunge into 11600-11700 may offer us the opportunity to go long. Near term, the EURJPY may be forming a triangle before the drop into mentioned levels. Trading wise, shorts are favored below 12135 with a 11800 target. Exceeding 12135 would warrant a neutral stance until 12225/55-at which point shorts would be favored again.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele
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Jamie is the author of Sentiment in the Forex Market.
