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EUR/JPY Classical Technical Report 12.16

EUR/JPY Classical Technical Report 12.16

2011-12-16 06:35:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURJPY_body_eurjpy2.png, EUR/JPY Classical Technical Report 12.16

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. At this point, a break back above 105.70 will be required to alleviate immediate downside pressures. Below 100.75 opens a direct test of critical psychological barriers at 100.00.

--- Written by Joel Kruger, Technical Currency Strategist

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

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