EURJPY- With continued bullish offensive seen , the risk for EURJPY is to strengthen further in the days ahead. In such a case, the 107.82 level will be targeted where a violation will open up further upside risk towards the 108.23 level, its Nov 04’2011 high. Further out, resistance lies at the 109.23 level, its Nov 01’2011 high. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, the risk to our analysis will be a return to he 104.49 level, its Dec 09’2011 high and its Dec 02’2011 high at 105.69. We could see a reversal of roles as supports at this levels. Below here will aim at the 103.27 level with a breach targeting the 101.81. All in all, EURJPY faces further upside risk having continued to strengthen.
Discover how our Daily Forex Research Trusted by Over 3,000 Traders can help you make easy and smart trading decisions.
