This pair has rallied up quite strongly over recent days breaching an important trend-line down from the 2008 highs. Whilst it has run into some resistance in the 112s Including the 200 day MA at 112.30, it will probably continue climbing.
Friday, January 21, 2011
EUR/JPY | Technical Analysis | 21 January 2011
EUR/JPY | Technical Analysis | 21 January 2011
The next target to the upside might be at around 114.00 where support and resistance combine with price pattern targets. A pullback, however, is also quite possible and would be expected to find support at the major trend-line at around 110.50.
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