EUR/JPY Classical Technical Report 02.03
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 firstname.lastname@example.org. Follow me on Twitter @JoelKruger
To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.