EUR/JPY Daily Chart 11/8/2012 3:35PM EST
Broken Trendline: Today after some initial bounce after the ECB meeting and press conference, the EUR/JPY slid further away from the 102 handle, showing a clear break below the rising trendline support, as seen in the daily chart. The break below 1.02 also pushes below the 200-dqay SMA, opening up some retracement targets, the first one being 100.58, 38. 2%. Below that there is a support pivot at 100.14. These are conservative targets. If the market can hold below 102, the focus remains bearish with further room to the downside.
50% retracement at 99.34 to 99.55 pivot is a valid target for the current bearish outlook. A slightly more aggressive target is the 98.00 handle to 98.10, 61.8% retracement.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
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