The FX Specialist view – The decline in values in EUR/JPY earlier in 2010 slowed on the approach to a long term 76.4% support level. This did indeed halt the downmove, and now initial bull signals on the Daily chart are in place. What next…?
- MONTHLY CHART:
See how, so far, the 76.4% pullback level has provided good shorter term support.
What type of recovery can now be seen is unclear. - WEEKLY CHART:
On the Weekly chart we have now marked in certain retracement levels.
The 23.6% mark just below 115.00 has now been tested, and note how higher 38.2% nicely coincides with the 119.63 Feb low. - DAILY CHART:
In the Commodity Specialist Guide we have been waiting for violation of the 113.41 21-Jun high to provide a bull signal, now given.
S/term pullbacks should be temporary – ideally support comes at/above the 110.00 area now – a chance for buyers on dips.
Beyond the 114.83/115.17 dual Fibo retracement area our main focus would centre on the 119.63 Feb low, just below which is 38.2% from the Weekly chart and just above a 61.8% level on this chart – resistance is likely here, a chance for some profit-taking.
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