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EUR/JPY Classical 05.21

EUR/JPY Classical 05.21

2010-05-21 08:21:00
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. The sharp drop easily managed to clear 112.00 and open an acceleration of decline down to 109.50, ahead of the latest bounce. 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, the latest break below 110.00 does suggest that additional weakness is in the cards, with the market now eyeing next critical barriers by 100.00. Short-term resistance comes in by 115.50 and a break back above this level would be required to force a shift in the near-term structure.

 

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