EUR/JPY Attacking a key Trendline Resistance
Bullish continuation? Since forming the double bottom noted in the last 2 updates, the EUR/JPY has rallied sharply over the 11/14 and 11/15 session so far. This week, the pair came up from a low of about 100.30 almost to the 104.00 handle, which is close to the October high of 104.56. The daily chart shows the RSI hold above 40, which is a sign that the bullish momentum is maintained. Now if the RSI pushes above 60, it will reflect bullish continuation momentum. Falling wedge: As we push at this 104-104.50 resistance area, it should be noted that its a very key resistance indeed. When we check the weekly chart, we can see that is is ... (full story)
- the eur/jpy momentum may continue for a couple of hours...and after that ..your guess is as good as mine..
- It's look like top of second shoulder (SHS) on daily basis. If EURJPY go down not expect to retest 100.xx and break below. Let's see. In my opinion he had tops today, next week should be better for JPY.
- Posted: Nov 15, 2012 2:27pm
- Submitted by:Category: Technical AnalysisComments: 2 / Views: 1,328