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EUR/JPY Classical 03.31

EUR/JPY Classical 03.31

2011-03-31 05:58:00
Joel Kruger, Technical Strategist
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EURJPY_Classical_body_eurjpy2.png, EUR/JPY Classical 03.31

EUR/JPY:The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming weeks. In the interim, look for any inter-day pullbacks to be well supported ahead of 110.00.

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

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