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EUR/JPY Classical Technical Report 02.29

EUR/JPY Classical Technical Report 02.29

2012-02-29 07:48:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURJPY_body_eurjpy2.png, EUR/JPY Classical Technical Report 02.29

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 to accelerate gains through latest key resistance in the form of the 200-Day SMA at 107.00 and towards 110.00 thus far. Daily studies are however severely stretched so we would not rule out the potential for a pullback towards the 105.00 area, before the market looks to resume its upward trajectory.

--- Written by Joel Kruger, Technical Currency Strategist

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

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