EURJPY: Weakens, Targets Lower Prices
EURJPY- The cross is now following through to the downside on the back of its Thursday weakness and looks to head even further lower after invalidating the 131.24 level in early trading today. That leaves the next downside target at its Dec 16’09 high at 130.76 followed by the 129.19 level, its Dec 22’09 low with a break of the latter level accelerating further downside towards the 127.29 level, its Dec 18’09. Its daily RSI is bearish and trending lower suggesting further downside. However, for the cross to reverse its present downside pressure, it must break and hold above the 134.36 level with a decisive breach of there allowing for further upside towards the 134.53 level where its Dec 04’09 high is located. A trade above there will resume its rise off its Nov 26’09 low at 126.83 towards its Dec 04’09 high at 135.71 and possibly higher targeting the 138.47 level where its Oct 26’09 high is sited On the whole, with the 131.24 level eroded, risk remains to the downside nearer term.

EURJPY: Weakens, Targets Lower Prices

EURJPY– The cross is now following through to the downside on the back of its Thursday weakness and looks to head even further lower after invalidating the 131.24 level in early trading today. That leaves the next downside target at its Dec 16’09 high at 130.76 followed by the 129.19 level, its Dec 22’09 low with a break of the latter level accelerating further downside towards the 127.29 level, its Dec 18’09. Its daily RSI is bearish and trending lower suggesting further downside. However, for the cross to reverse its present downside pressure, it must break and hold above the 134.36 level with a decisive breach of there allowing for further upside towards the 134.53 level where its Dec 04’09 high is located. A trade above there will resume its rise off its Nov 26’09 low at 126.83 towards its Dec 04’09 high at 135.71 and possibly higher targeting the 138.47 level where its Oct 26’09 high is sited On the whole, with the 131.24 level eroded, risk remains to the downside nearer term.

 

eurjpy33.gif

 

This is an excerpt from FXT Technical Strategist Plus (The Professional Suite package), a 7-currency model analysis utilized by all levels of traders. View the service information

This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report