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EUR/JPY Classical 05.05

EUR/JPY Classical 05.05

2010-05-05 06:12:00
Joel Kruger, Technical Strategist
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EUR/JPY: While it is too early to call for a retest of the 2010 lows by 119.65 over the coming sessions, the recent break below 123.00 should not be encouraging for bulls, with the market taking out some key short-term support and delaying any hopes for a more significant recovery. However, all hope is not yet lost for bulls, with key support now coming in by 121.00 which represents the right shoulder of the recently triggered inverse H&S pattern. Only a break back below this level would seriously dampen recovery hopes. Key short-term resistance comes in by 126.30.

 

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

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