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EUR/JPY Classical Technical Report 05.18

EUR/JPY Classical Technical Report 05.18

2011-05-18 05:42:00
Joel Kruger, Technical Strategist
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EURJPY_CLassical_body_eurjpy2.png, EUR/JPY Classical Technical Report 05.18

EUR/JPY:The latest sharp pullbacks into the 113.00’s have been intense, although the market has now found some formidable support by the previous resistance area now turned support. Look for a fresh medium-term higher low to carve out above 113.00 ahead of the next major upside extension back towards and eventually through the recent highs by 123.35. Tuesday’s break back above Monday’s high already encourages outlook, while only a daily close below 113.00 concerns.

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

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