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EUR/JPY Classical Technical Report 05.12

EUR/JPY Classical Technical Report 05.12

2011-05-12 05:47:00
Joel Kruger, Technical Strategist
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EURJPY_CLassical_body_eurjpy2.png, EUR/JPY Classical Technical Report 05.12

EUR/JPY:The latest sharp pullbacks into the 114.00’s have been intense, although the market is expected to find some formidable support by the previous resistance area now turned support. Look for a fresh medium-term higher low to carve out above the 100-day SMA ahead of the next major upside extension back towards and eventually through the recent highs by 123.35. A daily close below the 100-day SMA concerns.

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

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