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EUR/JPY Classical Technical Report 12.12

EUR/JPY Classical Technical Report 12.12

2011-12-12 07:03:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURJPY_body_eurjpy2.png, EUR/JPY Classical Technical Report 12.12

EUR/JPY: The latest break back below the daily Ichimoku cloud delays any hopes for a meaningful recovery on the cross and opens the door for a more significant decline back down towards critical support by the recently established multi-year lows at 100.75. However, there is some evidence of a bullish reversal following some constructive price action in the previous week, but a break and close back above 105.70 would be required to negate bearish outlook and relieve immediate downside pressures.

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--- Written by Joel Kruger, Technical Currency Strategist

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

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