EURJPY_Classical_body_eurjpy2.png, EUR/JPY Classical 02.16

EUR/JPY:The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 115.70, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favored.

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

If you wish to receive Joel's reports in a more timely fashion, e-mail instructor@dailyfx.com and you will be added to the "distribution" list.

If you wish to discuss this topic or any other feel free to visit our Forum page