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EUR/JPY Classical Technical Report 05.02

EUR/JPY Classical Technical Report 05.02

2012-05-02 05:57:00
Joel Kruger, Technical Strategist
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daily_classical_eurjpy_body_eur.png, EUR/JPY Classical Technical Report 05.02

EUR/JPY:The corrective pullback from the March 111.40 highs looks to have finally found solid support in the 105.00 area and from here we look for the formation of a medium-term higher low in favor of the next upside extension, eventually back above 111.40. Ultimately, only a weekly close below the 200-Day SMA in the 104’s would negate outlook and give reason for pause.

--- Written by Joel Kruger, Technical Currency Strategist

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

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