EUR/JPY Classical Technical Report 04.11
EUR/JPY:The market is finally in the process of correcting following the latest surge to fresh 2012 highs just over 111.00. From here, we see risks for further weakness towards the 103.00 area, but ultimately any additional setbacks should be well supported in favor of a resumption of the newly formed bullish trend. We contend the cross has carved a major cyclical bottom and the longer-term risks from here are for continued strength. Only a weekly close back under 102.00 would delay outlook and give reason for concern.
--- Written by Joel Kruger, Technical Currency Strategist
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