EUR/JPY | Technical Analysis | 7 February 2011
EUR/JPY has rolled over after rallying up to the 112s this morning. The question is whether this could be the beginning of a new wave down or not. There is insufficient evidence to suggest this may be so although a fall to the old trend-line down from the November ‘10 highs at roughly 111.00 is probable. Read more
Showing posts with label euro yen february 2011. Show all posts
Showing posts with label euro yen february 2011. Show all posts
Monday, February 7, 2011
Tuesday, February 1, 2011
EUR/JPY | Euro/Yen | Technical Analysis | 1 February 2011
EUR/JPY | Euro/Yen | Technical Analysis | 1 February 2011
Yesterday’s aborted rally up to 113.99 may have been the 5th Elliot wave I mentioned in my analysis. It looks incomplete so could go higher, particularly given the strong underlying support at yesterday’s lows. This includes resistance-turned-support from the major trendline down from July ’10 highs and the top of the Ichimoku cloud.
In spite of the recent acuteness of the move down there is a good chance this rally will persevere with an upside target at the line of support and resistance at 114.15. Further weakness, however, could fall back to the recent lows at 111.50.
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