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EUR/JPY Classical Technical Report 01.31

EUR/JPY Classical Technical Report 01.31

2012-01-31 07:22:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURJPY_body_eurjpy2.png, EUR/JPY Classical Technical Report 01.31

EUR/JPY:Although the market remains locked in an intense downtrend, daily studies are finally correcting from oversold territory and out from multi-year lows with the market looking to establish back above 100.00. From here, there is room for additional corrective gains, with a break back above 102.55 to officially alleviate immediate downside pressures and potentially open a legitimate trend reversal. Setbacks should now be well supported ahead of 98.00, while only back under 97.00 negates and opens fresh downside. A bullish outside week further confirms short-term constructive outlook.

--- Written by Joel Kruger, Technical Currency Strategist

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

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