Price action on EUR/JPY, a daily chart of which is shown, has consolidated in a sideways pattern for the last week between two key support/resistance price regions: 122.00 and 119.50, the latter level representing a 1-year low for the pair. This consolidation occurs within the context of a strong downtrend and after price broke down below a flag-like consolidation above 122.00. For more technical analysis on this currency pair,
UPDATE: Substantial yen weakening on Friday morning prompted both USD/JPY and EUR/JPY to breakout significantly above key resistance levels. For USD/JPY, a tentative breakout above 90.00 occurred. In the case of EUR/JPY, a short-term sideways consolidation was broken to the upside, well above 122.00, which represented the top of the consolidation. In the process, EUR/JPY also tentatively broke out above a downtrend resistance line extending from the 2010 high in mid-January. Currently, key upside resistance resides around the 125.00 price region.
0 comments:
Post a Comment