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EUR/JPY Classical 03.16

EUR/JPY Classical 03.16

2010-03-16 06:08:00
Joel Kruger, Technical Strategist
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EUR/JPY: Has been very well supported by psychological barriers at 120.00, with the cross in the process of correcting over the past few sessions. Gains have stalled out just ahead of key resistance by 125.25 for now, with a break back above the level to trigger a major double bottom formation and open additional upside. However, inability to clear this level, will suggest that the market is more inclined for some bearish consolidation ahead of the next major downside. Too tough to call at present and we will stand aside for a clearer signal.

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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