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EUR/JPY Classical 05.12

EUR/JPY Classical 05.12

2010-05-12 05:44:00
Joel Kruger, Technical Strategist
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EUR/JPY: While we projected a drop back to retest the 2009/multi-year lows by 112.00 following the break of the latest consolidation lows, we did not anticipate that the move would be so fast and so intense. Last Thursday’s sharp drop easily managed to clear 112.00 and open an acceleration of decline down to 110.60, ahead of the latest jackknife reversal. It is extremely difficult to speculate where we go from here and we recommend standing a side for a bit to see how things play out. However, a lower top could now be in place by 122.30 ahead of the next drop below 110.00. Back above 122.30 delays.

 

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

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