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EUR/JPY Classical 03.07

EUR/JPY Classical 03.07

2011-03-07 06:55:00
Joel Kruger, Technical Strategist
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EURJPY_CLassical_body_eurjpy2.png, EUR/JPY Classical 03.07

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 116.00, 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 113.00 is favored.

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

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