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EUR/JPY Classical Technical Report 01.12

EUR/JPY Classical Technical Report 01.12

2012-01-12 12:27:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURJPY_body_eurjpy2.png, EUR/JPY Classical Technical Report 01.12

EUR/JPY:Although the market remains locked in an intense downtrend, daily studies are now severely oversold and warn of the potential for a decent corrective bounce over the coming days. Look for a break and close back above 98.50 to confirm and accelerate gains back above 100.00 before consideration of bear trend resumption. However, inability to establish above 98.50 will keep pressure on the downside and open fresh multi-year lows towards 95.00.

--- Written by Joel Kruger, Technical Currency Strategist

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

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