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EUR/JPY Classical Technical Report 10.14

EUR/JPY Classical Technical Report 10.14

2011-10-14 06:37:00
Joel Kruger, Technical Strategist
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Daily_Classical_EYRJPY_body_eurjpy2.png, EUR/JPY Classical Technical Report 10.14

EUR/JPY: The market could finally be showing signs of short-term basing after stalling ahead of critical support at 100.00 and rallying back above 105.00. From here, look for any setbacks to be well supported above 105.00 on a daily close basis, with a rally and close above 107.00 to further confirm basing outlook and accelerate gains. A close back below 105.00 will however negate recovery outlook and once again put the pressure back on the downside.

--- Written by Joel Kruger, Technical Currency Strategist

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

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