Friday, January 28, 2011

EUR/JPY | Euro/Yen | Technical Analysis | 28 January 2011

EUR/JPY | Euro/Yen | Technical Analysis | 28 January 2011

This pair pulled back after reaching 114.05 as predicted, and then fell to 113.01. With a recovery rally launched today currently at 113.40 - it may well go higher as the second leg of the zigzag we are in does not look complete, and has only reached minimum length expectations.

There is every possibility of a retouch of 114.05, or even a break higher to 114.30. A push lower, in perhaps a long overdue Elliot wave 4 could also be a possibility targeting the 200 day MA at 112.01 as the next strong support level.


by Joaquin Monfort, Analytical expert , Forex4You © 2011

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