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EUR/JPY Classical 07.28

EUR/JPY Classical 07.28

2010-07-28 06:13:00
Joel Kruger, Technical Strategist
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EURJPY7.28_body_eurjpy2.png, EUR/JPY Classical 07.28

EUR/JPY: The market now appears to be attempting to carve out a short-term base at a minimum since dropping to fresh 2010 lows by 108.10 in recent trade. Tuesday’s strong bullish price action is significant, with the surge taking the price above the multi-day range resistance. From here, there is now the possibility that the market will open a fresh upside extension back towards the 120.00 area over the coming days. In the interim, look for any setbacks to be well supported ahead of 110.00.

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

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