Wednesday, January 19, 2011

EUR/JPY | Technical Analysis | 19 January 2011

EUR/JPY | Technical Analysis | 19 January 2011

This pair rose as anticipated and it may now have put in a top at the 111.15 highs. The Elliot waves are counting complete indicating a correction could follow. If the pair falls as anticipated it might be expected to reach the 109.50 level where there is support and resistance, the monthly pivot and a 38.2% Fibonacci line of the Jan 10 move.

A further rally is also possible, with the monthly pivot at 111.30 and then support and resistance at 111.50 as possible targets.


by Joaquin Monfort, Analytical expert , Forex4You © 2011

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