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EUR/JPY Classical Technical Report 12.29

EUR/JPY Classical Technical Report 12.29

2011-12-29 06:43:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURJPY_body_eurjpy2.png, EUR/JPY Classical Technical Report 12.29

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 below critical psychological barriers at 100.00. Although daily studies are oversold, the downtrend has been intense with the market trading by multi-year lows and showing no signs of reversal just yet. At this point, a break back above 102.55 will be required to alleviate immediate 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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