EURJPY: Pressured To The Downside, Targets The 129.19 Level

EURJPY- While the cross trades and holds below the 131.24 level, its Jan 06’10 low, we continue to see risk to the downside towards the 129.19 level, its Dec 22’09 low. A decisive break of that level will accelerate further downside towards the 127.29 level, its Dec 18’09 and possibly lower. Its daily RSI is bearish and trending lower suggesting further downside weakness. Corrective recovery if triggered will initially target its Jan 06’10 low at 131.24 with a break bringing the 133.62 level, its Jan 14’10 high into focus followed by the 134.36 level, its Jan 11’10 high. A trade above there will resume its recovery started from the 124.37 level and target the 135.37 level, its Nov 10’09 high and next the 138.47 level where its Oct 26’09 high is located.

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

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