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EUR/JPY Classical Technical Report 10.12

EUR/JPY Classical Technical Report 10.12

2011-10-12 06:40:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURJPY_body_eurjpy2.png, EUR/JPY Classical Technical Report 10.12

EUR/JPY: The latest acceleration of declines has opened the door for a fresh bout of weakness to multi-year lows below 105.00. Next key support comes in by the 2001 lows at 100.00 and although technical studies are looking stretched on a daily basis, we can not rule out the possibility for a drop to test this major psychological barrier before any consideration for a corrective bounce. Ultimately, a break and daily close back above 105.00 will now be required to officially alleviate short-term downside pressures.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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