FXstreet (FXstreet.cz)
Currencies  |  December 17, 2010 12:59:49

Forex: EUR JPY - again near the trend line

Cross currency pair EUR JPY has remained neutral. However, more recent developments suggest a possible growth and until that support is broken through at 110.46. If the market grows we can expect a slowdown in the 112.18 resistance. If it breaks through the market we can expect movement on 112.68 which is 68.2 Fibonacci retracement values ??between 115.40 and 108.32. After her breakthrough growth can continue for up to rezistenčnímu range from 114.93 to 115.66. However, if the market went down and broke through resistance at 110.46, another fall could reach a value of 109.50 and then 108.32 for a temporary low.

The daily chart shows a clear trend line. In the event that the market should bounce off the trend line we expect to test the 113.00 level. If the trend line is punctured further determine the surface resistance value of 115.63. If even this market breaks through resistance may continue to grow up to 117.94 and the 121.87 (38.2% and 50% retracement FIBO values ??between 138.48 and 105.42). In contrast, when the next market downturn can be expected to meet target 109.50 and 108.32. Finally, testing the long-term low of 105.42 and, if punctured, we can expect further decline and possible psychological testing value of 100

Daily pivot points

  • R3 112.02
  • R2, 111.82
  • R1 111.47
  • P 111.27
  • S1 110.92
  • S2 110.72
  • S3 110.37

Peter Mašláň
Forex trader company FXstreet.cz

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