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EUR/JPY Classical Technical Report 02.21

EUR/JPY Classical Technical Report 02.21

2012-02-21 07:01:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURJPY_body_eurjpy2.png, EUR/JPY Classical Technical Report 02.21

EUR/JPY:The cross continues to show evidence of the formation of a meaningful base, with the recent break back above 105.00 further confirming bullish bias and exposing a test of next key resistance by the 200-Day SMA at 107.25. Daily studies are however looking a little stretched so we would not rule out the potential for a pullback towards 102.00 before the assault on the 200-Day SMA. Ultimately, the recovery structure remains intact while above 99.25.

--- Written by Joel Kruger, Technical Currency Strategist

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

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